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.
For more information or advice on any other personal legal issue, please contact our specialist private client team directly, click here to send an email or call us on 0115 9 100 200.
Posted on July 29, 2022