The deadline to register your trust, if you haven’t done so already, is 1 September 2022. Thousands more trusts need to register following the launch of new registration requirements by HM Revenue & Customs (HMRC) last year.
A trust, at its simplest, is a legal structure which allows an asset to be held by someone (a trustee) for another person who is known as the beneficiary. They do not have to be agreed upon in writing but typically will be.
Before this change, only trusts which incurred a UK tax liability had to be registered. But now any existing trusts within range of the new legislation need to register by the deadline or within 90 days of your trust being created.
The penalty of missing this fine if you are found to have deliberately not registered your trust with the Trust Registration Service (TRS) can be up to £5,000 so it is important to check that you have complied.
There are some classes of trust that are easy to overlook, such as those created in the execution of a will or bare trusts used to hold property.
For advice on all aspects of trust law, contact us today.
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