From 1st September 2022, it is a requirement to register all eligible UK trusts with HMRC’s Trust Registration Service.
When assets (usually a property or money) are looked after by someone (known as Trustee) for the benefit of others (known as Beneficiaries), this arrangement is referred to as a Trust.
HMRC manage the Trust Registration Service (TRS) which is an online register of trusts and their owners. This was set up in 2017 to help prevent money laundering.
Since 1st September 2022 all trusts, even those that do not need to pay tax, must be registered with HMRC unless they qualify as exempt from registration. The exemptions are very limited.
You can find further guidance on the types of trusts which must be registered here:
https://www.gov.uk/guidance/register-a-trust-as-a-trustee
If you do not register a trust which should have been registered within 90 days of creation, then HMRC may impose penalties.
We can advise you on whether your trust requires registration and assist you with registration where necessary. Please contact us for further details.
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