Trust Registration Service – Do you need to register your Trust?

Are you a trustee? Or do you administer or benefit from a trust? If so, it’s important that you understand how the introduction of the UK Trusts Register may affect you and your trust.  For instance, you may have the right to occupy a house and those kinds of trust now need to be registered on the Trusts Register.

A new law came into effect on 6 October 2020 and stipulates that all UK express trusts (and some non-UK trusts) must now be registered with HM Revenue & Customs (subject to some minor exceptions) on the UK Trust Register. This is regardless of whether the trust is liable to pay tax or not.

Additionally, trusts that were in existence on or after 6 October 2020 that have since ended, must also be registered with HM Revenue & Customs.

The responsibility to register a trust falls on the trustees of the trust. It is also the responsibility of the trustees to notify HM Revenue & Customs of any changes to the trust once it has been registered.

The deadline for registration of a trust is 1st September 2022.

If the trust is not registered by the deadline, then the trustees may incur a penalty from HM Revenue & Customs.  Additionally, any changes to details or circumstances of the trust means the Trust Register must be updated within 90 days of the change occurring.

Registering the trust can be a complex task and it is essential that the required information is registered with HM Revenue & Customs. Our specialist lawyers at Painters Law can advise you as to whether your trust needs to be registered. We can also arrange for the trust to be registered with HM Revenue & Customs and guide you through all stages of the process.

For more information about the registration of trusts and to speak with one of our legal advisors please contact our offices in Kidderminster 01562 82295 or Stourport 01299 822033 or email probate@painterslaw.co.uk