Compulsory registration of all UK resident trusts required by 1st September
Did you know that all UK resident trusts (with some exceptions) are required to be registered by trustees on the Trustee Registration Service (TRS) by 01 September 2022? Previously, only trusts with a tax liability (for example, income tax, inheritance tax, capital gains tax, stamp duty) had to be registered on the Trust Registration Service.
The change means that most trusts (even those without a tax liability) will need to be registered before 01 September 2022. Failure to do so could result in a fine.
In addition, any changes to the trust must be reported to the HMRC within 90 days of them occurring – this applies to both taxable and non-taxable trusts. If the trust is taxable, you must declare the trust is set up to date annually by 31st January.
More information and the option to register your trust can be found at www.gov.uk/guidance/register-a-trust-as-a-trustee
Get in touch
If you have any questions relating to Wills, Trusts or Probate, our experienced and friendly team at Penderlaw would be glad to help. You can reach us by emailing firstname.lastname@example.org or by calling 01872 241408.