Trust Registration Service
What is it and why?
HMRC have decided that any Trust that is held within or outside of the Will needs to be registered by September 2022. This is due to them trying to catch anyone flaunting the Anti Money Laundering protections and passing large amounts of money without paying tax.
To prevent this they now require anyone who has a Trust to register them with HMRC whether they are subject to tax or not, although there are certain exclusions.
This registration has been made overly complicated by all the European Laws, and trying to do this online as a Lead Trustee is convoluted to say the least.
The penalty for not doing this is currently £100, but as yet it hasn't been disclosed if this is a one off fine or a yearly cost. Equally the question is raised as to "How would they know" you have a Trust? We certainly keep all our clients instructions confidential, and unless forced to reveal them by the HMRC or a Court, they would stay confidential..
However, our advice is, if you have a Trust or Trusts, register them.
We offer a Trust Registration Service for all our clients, old and new for a very low cost of £325.00 per trust which covers everything required and provides a registration certificate. The registration also allows the Trust to be changed at some point in the future (ie beneficiary or Trustee dies) if required. If its not registered then it would then have to be before changes can be made..
All we require is the partial completion of a Questionaiire for with a taxable or non taxable trust. We will need sight of the original Trust to ensure we have all the details and on payment, we will register the Trust for you and issue a certificate to show it has been registered.
For more information just contact us.
