Do you have an investment bond policy that is written under trust?
Are you a partner in a partnership that holds properties on behalf of the business?
Are you an executor of an Estate which is taking longer than 2 years to administer?
ARE YOU AWARE OF THE REQUIREMENTS TO REGISTER UNDER THE TRUST REGISTRATION SERVICE (TRS) WITH HMRC?
You may be aware of the changes in legislation that will apply where you are a trustee of a trust and requirement to register the trust on HMRC’s UK trust registration service (TRS) to comply with the EU Fifth Money Laundering Directive (5MLD).
The above are all types of non-taxable trusts and are now required to be registered on the TRS if they were in existence on or after the 6 October 2020. It is important to note that trusts that are now closed still need to be registered if they were in existence after this date.
The deadline for registering is the 1 September 2022.
There are limited exemptions to the above, but it is important that the trusts situation is reviewed to ensure it complies with the above legislation.
Any new trusts are required to be registered within 90 days of being established. This deadline will apply to any trusts created from June 2022 onwards. Additionally, any change in the trust’s details held on the register will need to be updated within 90 days of the change.
Trusts can be registered at https://www.gov.uk/guidance/register-a-trust-as-a-trustee and further information can be found on this page regarding the information required.
If you would like any assistance with registering your trust, then please get in touch.
Please contact trusts@saint.co.uk or phone 01228 534371.
