Following a recent change in legislation, HMRC has introduced new rules to comply with Anti Money Laundering Regulations.
Part of the new legislation is that applicable Trusts must be registered with HMRC’s Trust Registration Service. The Registration must be completed by 1st September 2022 to avoid a penalty of £100.
You can register the Trust online yourself or alternatively you can instruct an accountant, tax or financial advisor to carry this work out on your behalf.
The rules state that any express trust must register details of the settlors, trustees, and beneficiaries with the TRS by 1st September 2022; any trusts created after this date will have 90 days to register. Discretionary and absolute trusts are subject to the rules, and this includes any discounted gift trust, loan trust and gift trust.
Also on an ongoing basis, an annual declaration to HMRC will need to be completed to provide any changes to the Trust or confirm no changes.
So, don't delay and register today!