Registration with HMRC extended to cover most types of Trust

Back in 2017 HMRC introduced the requirement for all taxable trusts to register via its new Trust Registration Service as a result of the UKs adoption of the Fifth EU Anti-Money Laundering Directive. 

This requirement for registration has now extended to most UK trusts whether or not there is any liability to tax.  The deadline for this registration for those trusts not already registered is 1st September 2022.

 Below is a summary of trusts that will be affected and whose Trustees now need to make the registration: 

• Pilot trusts set up after 6 October 2020, typically created to receive assets on death

• Bare trusts – ie to hold shares for minors

• Discounted gift trusts

• Discretionary trusts

• Interest in possession trusts – most common where a property is held in trust on death for the survivor

• Settlor interested trusts

• Will trusts (but only 2 years post death)

For further information please follow this link. https://www.gov.uk/guidance/register-a-trust-as-a-trustee

We are happy to assist any Trustees with the required one off registration and the ongoing annual declarations. 

If you would like us to assist with the registration please contact Emma Manning (Head of Tax and Trusts) via emma@jsweeks.co.uk