George Green LLP Strengthens Corporate Team with the Appointment of Kate Hackett as Partner
George Green LLP is delighted to announce the appointment of Kate Hackett as a Partner in the...
What are the new rules?
In 2017 the UK introduced new anti-money laundering regulations requiring certain trusts with a tax liability to be registered with HMRC’s new Trust Registration Service. In 2021 the Government expanded these rules so that, other than a very small number of exceptions, all express trusts must now be registered with the service.
When is the deadline?
The deadline for registering an existing trust is 1st September 2022. Any new trusts created after this date must be registered within 90 days of creation. The obligation is on the trustees to register the trusts and HMRC may impose financial penalties on trustees who deliberately fail to comply this deadline.
What information will I need?
To register the trust, the trustees will need the details of who created the trust, how it was created and when, and the details of the trustees and the beneficiaries. For trusts with a tax liability, they will also need details of the trust assets.
Some exceptions to the rule
There are a few exceptions to the general rule including:
- Existing trusts which currently hold less than £100;
- Trusts created on death where the Estate is fully administered within 2 years;
- Trusts for bereaved children under the age of 18 or children aged between 18-25, subject to meeting certain criteria;
- Certain trusts of life policies;
- Trusts set up for the benefit of a disabled person; and
- Property trusts where two people co-own the property as tenants in common.
If you are a trustee and you are unsure if a trust needs to be registered, or you would like some assistance in registering a trust, please get in touch with us on 01384 410 410 and ask to speak to a member of our Private Client team where we will be happy to assist.