Trust registration with HMRC / deadline 01 September 202209 August 2022
We now know that certain trusts that have not previously had to register on HMRC's Trust Registration Service (TRS) will have to do so by 1 September 2022 to avoid any penalties.
This includes all UK express trusts, unless specifically excluded, which will now incorporate bare trusts and those trusts which up to now have not had to register because they have not had to account for any tax. For example, a discretionary trust that holds an investment bond in which there has yet to be a chargeable gain.
It is the trustees' responsibility to register the trust although an agent can be appointed to ensure the details are input and kept up to date.
Full details including how to register can be found on the Government website: https://www.gov.uk/guidance/register-a-trust-as-a-trustee
If you need to act on this issue then please get in contact, noting that we can guide you to a suitable accountant / solicitor.
No advice is provided during this blog.
Keith Churchouse FPFS
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899