Have you registered your Trust?
HMRC have finally confirmed compulsory registration of all non-exempt UK express trusts. Up until now, all trusts carrying a tax liability have been required to register but from 1 September 2021, all new non-exempt trusts are to be registered with the Trust Registration Service regardless of whether or not they have a tax liability. The deadline for registration of all existing trusts is 1 September 2022. Trusts created within 90 days of this deadline will be given 90 days to register.
This covers will trusts, life time trusts and trusts for the ownership of property where not all beneficial owners are legal owners.
Failure to register a non-exempt trust can result in fines. The registration service is designed to ensure transparency and information on registered trusts can be requested by authorities from other countries and individuals who can show a ‘legitimate interest’.
Some trusts are exempt including trusts for the ownership of joint property where all beneficial owners are also the legal owners, trusts for children’s bank accounts and trusts for healthcare insurance policies.
If you need your trust to be registered or you are unsure whether your trust should be registered please contact us.