New trust registration requirements
Posted on 8th September 2021 at 17:47
HMRC have previously required trusts to register for the Trust Registration Service if they have a tax presence in the UK.
This has now been extended for non-taxable trusts.
These trusts will now need to be registered by the deadline of 1st September 2022 for trusts that existed on or after 6th October 2020.
For trusts that are created after 1st September 2022 will now need to be required to register with HMRC within 90 days.
Trusts which solely hold life insurance or pensions
UK registered charities
Trusts for bereaved children
Bare trusts for children
What is needed?
The previous TRS have required trustees to disclosure the trust’s address in the UK (if relevant), the date the trust was established, what laws govern the trust if it is resident outside of the UK, where the trust’s general administration is undertaken, the residence status of the trust, the identity of the settlor and beneficiaries, the type of assets the trusts hold and the value.
There are penalties for late registration. Please contact our tax team for assistance.
Questions or queries?
Please do let us know if you have any questions or if you need any further help understanding the regulations. – please call us on 01932 564098 or message us here.
Information correct at time of publication
This article was produced in September 2021 – please always check with Fuller Spurling that information is current, up to date and applicable to your situation.
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