Changes to trust registration in the UK28/07/2022
New HMRC rules mean that nearly all trusts are now required to be registered – and trustees should act before September to avoid facing unnecessary penalties.
Taxable trusts have had to be registered with HMRC since 2017, introduced as part of a directive to combat money laundering, serious crime and terrorist financing.
However, the rules have since been extended to include non-taxable trusts which need to be registered by 1st September 2022, although there are some exceptions.
Trustees have a legal duty to comply with the regulations so they should take action as soon as possible to ensure they have everything they need.
Anyone who is unsure about whether or not they need to register their trust should confirm their position as soon as possible. Further information if available at the gov.uk website.
Do I need a solicitor to register?
While a solicitor isn’t required to register a trust, it can be beneficial for trustees to appoint an agent to register the trust for them and keep the register updated in future. Accountants can also help with this.
Mincoffs Solicitors has an expert trust team which is on hand to help with advice on whether a trust needs to be registered or to assist with the process.