The Financial Times has reported that as many of 1 million trusts in the UK could be caught by a new requirement to register trusts with HMRC. Failure not to register could result in the risk of fines and potentially difficulties accessing professional advice.
The new rules come into force on the 1 September 2022 and will require that all new and existing trusts are registered with HMRC using an online Trust Registration Service.
At the present time is it only trusts that have a tax liability that must report information but under the new rules all trusts, apart from those explicitly exempt, will need to sign up to the register by the deadline or for new trusts within 90 days of the trust’s creation.
A trust which may not be expected as being registerable is the administration of an estate which has not been completed within 2 years from the date of death.
As you will appreciate it is important for all trustees and executors, where the administration of an estate has been protracted, to understand the new rules.
Find out more
To find out more or to get help with registereing or adminsitering a trust, please contact our specialist wealth management team, who will be happy to help.
