New rules are now in force that affect all trusts made in the UK that were in existence on 6th October 2020 or were created after that date.
It is a requirement that most trusts are registered with the government’s Trust Registration Service by 1st September 2022.
This will result in a significant number of trusts that previously did not require registering with the Trust Registration Service because they were not taxable to now be registered by the trustees.
If you are a trustee of a trust then guidance on how to register the trust can be found at www.gov.uk/guidance/register-a-trust-as-a-trustee or you can contact HM Revenue & Customs Trust Department on 0300 123 1072.
The trustees will be required to provide HM Revenue & Customs with information about:
- The trustees
- The settlor of the trust
- The beneficiaries of the trust
- The assets held in the trust
If a trust is not registered by 1st September 2022, HM Revenue & Customs may charge a penalty for failing to register the trust.
Our private client team would be happy to provide assistance with the registration of a trust with the Trust Registration Service. If you require such assistance, please contact our private client department on 01226 210000.