All trusts must now be registered on the Trust Registration Service
As part of HMRC’s ongoing drive to digitise their systems, the Trust Registration Service is being updated.
When the Trust Register was first introduced in 2017, it was a requirement that all taxable trusts needed to register their details with HMRC. This has now been extended so that ALL trusts need to register by 1 September 2022, regardless of their tax position. Failure to do so could result in penalties being applied by HMRC.
The registration can be completed online at https://www.gov.uk/guidance/manage-your-trusts-registration-service. You will need to include details of the settlor, trustees, and beneficiaries of the trust being registered.
If you have any questions regarding the Trust Registration Service, or you would like assistance with registering a trust, please contact Matthew Magee on 023 8046 1207.