The rules regarding trusts have recently changed and as a result most new and existing trusts need to be registered with HMRC via the ‘Trust Registration Service’ (TRS). The TRS was set up in 2017 and in an online register containing details of the trust, settlor, trustees and beneficiaries.
Initially, only taxable trusts were required to be registered. The new rules have extended the registration requirement to include all trusts (save those which are explicitly exempt), even those without tax consequences. It is anticipated that this will affect between five hundred thousand and one million UK trusts.
Existing trusts need to be registered by the deadline of the 1 September 2022. New trusts that need to register from 1 September 2022 must do so within 90 days. The responsibility for registering a trust falls to the trustees and it is possible that trustees who fail to register a trust before the deadline will face a penalty issued by HMRC.
Get in touch
To ensure you meet the trust registration deadline and have completed the process correctly please get in touch with our Private Client team. Call us on 01323 727321, visit our website www.hartreade.co.uk or email us on email@example.com. We offer appointments at any of our offices in Eastbourne, Meads, Polegate and Hailsham.
Please note the above is for information purposes only and is intended to be a short summary. It should not be treated as a comprehensive guide and should not be acted on without qualified legal advice.