Are you aware of changes to the UK Trust Register which impact any trust created as a settlor and will need to be registered by 1 September 2022?
The UK Trust register is a central record of information held by HMRC relating to trusts. Prior to September 2021 it was only trusts that had a UK tax liability that needed to register. However the scope of the register has now increased and you will need to register any existing trusts which fall into the categories below:
- All trustees are UK resident
- There is at least one UK trustee AND the settlor is resident
- There is at least one UK resident AND the trust enters a UK business relationship
- The trust holds UK property or land
- The trust holds UK assets AND has a UK tax liability
It is the responsibility of the trustee(s) to register the trust and you would need to nominate a lead trustee to do this. The trust can be registered online at https://www.gov.uk/guidance/manage-your-trusts-registration-service
The good news is it is fairly quick and simple to do this and although we cannot do this for you we are able to assist with the process so please get in touch if you need further assistance.
Trust Planning Advice is not regulated by the Financial Conduct Authority.
Source:
https://www.gov.uk/guidance/manage-your-trusts-registration-service
