New Trust Registration Service by HMRC

Clare Wyett of our Wills Trusts & Probate Department, highlights the importance of understanding the newly introduced Trust Registration Service by HMRC. Trustees should be aware that the responsibility rests with them to register a Trust with HMRC and a deadline of 1^st September 2022 has been set as the date for all ongoing Trusts to be registered by.

If you are unsure whether you may be a Trustee and therefore whether you need to take action then we may be able to assist you, please read on to understand how to avoid financial penalties imposed by HMRC

If you are a Trustee of a Trust which you have instigated or, a Trustee under a Trust created by someone else, then it is important you review matters to establish whether it is a Trust which has to be registered with HMRC.  There are some exceptions to the type of Trusts which need to be registered but overall the majority of Trusts, some which may have been in existence for many years, or have been finalised recently, will fall into the category requiring action.

You may not, of course, be aware whether you are affected by this but as a guide; if you are currently acting as an Executor of an estate or acted as an Executor in the past, the estate of the deceased person could have contained a Trust element to it, you may live in a property which is not registered in your name or you may be registered on the Deeds to a property which you do not live in.  These are examples of where a Trust may be involved although there are many others

Clare Wyett, Probate Executive says:

“Here at Taylor Bracewell we are in the process of contacting as many of our current and previous clients as we can to alert them to the new legislation and to warn of the consequences of failing to register a Trust. We would say though that if you do have any concerns and wish us to provide you with our advice on this subject then please contact us. Within our Wills Trusts & Probate team we have experienced and friendly people ready to help you”.

Here is more information on a range of different Trust types which you may find informative:

• Bare Trusts
• Life Interest Trusts
• Property Trusts
• Discretionary Trusts
• Bereaved Minors Trust
• 18-25 Trusts
• Disabled Persons Trusts
• Lifetime Trusts
• Personal Injury Trusts

Our Wills, Probate & Trusts team are always here to help you, if you require any further information don’t hesitate to contact the team on 01302 341 414 or by filling out our online enquiry form!