By 1 September 2022 nearly all Trusts (with some exceptions) must be registered with HMRC’s Trust Registration Service.
Please be aware that the Trusts caught by the regime and in existence at 6 October 2020 must be registered even if they have now come to an end.
Who Is Responsible?
If you are a Trustee of a Trust you should speak to your Accountant about whether the Trust is registrable. There may be penalties for both failing to register a Trust and/or failing to maintain up-to-date records of the Trust.
If in doubt, you should speak to your Accountant. If you do not have an Accountant, please contact a member of our Private Client Team who’ll be happy to give you details of some local firms that we work with from time-to-time, who should be able to help you.
Posted on July 29, 2022