Are you a Trustee? You must register your trust by 1st September 2022

Important changes mean that all trusts must be registered with HM Revenue and Customs (HMRC) via their Trust Registration Service by Thursday 1st September 2022.

The Trust Registration Service, or TRS was created in 2017 in compliance with the EU’s Fourth Money Laundering Directive. However, the Fifth Money Laundering Directive (5MLD), implemented by the United Kingdom in 2020 expanded the TRS’s scope.

“Formerly, it was only those trusts with a taxable income that needed to be registered with the TRS but from September, trusts that do not have taxes due will also need to be registered” says Joanne Fisher, Chartered Financial Planner.

The changes will include the need for a ‘Lead Trustee’ who will take responsibility for the registration (of the trust). This person will have to register the trust correctly on the HMRC government gateway.

The types of trust that will be affected include:

  • Bare or Absolute trusts
  • Discretionary Gift trusts
  • Will trusts still in force after 2 years from date of death

Also:

  • All non-taxable trusts in existence on or after 6 October 2020 must be registered (unless specified as exempt)
  • Non-taxable trusts created after 1 September 2022 will have 90 days to register
  • Changes to registered trust details or circumstances must be notified within 90 days of the change

“Please be aware that this list is not exhaustive” continues Joanne “we always recommend that you discuss your specific circumstances with a qualified professional”

More information and a link to the Trust Registration Service can be found at:

https://www.gov.uk/guidance/manage-your-trusts-registration-service

The Financial Conduct Authority does not regulate trust advice.

The content of this blog is for information only and must not be considered as financial advice.  We always recommend that you seek independent financial advice before making any financial decisions.

#TheClearAdvantage

Find out more about Joanne Fisher here

Visit the Active website or follow us on Twitter, FacebookLinkedIn for regular updates

Get in Touch

If you would like to find out more about how we can help you, please give us a call or drop us an email.

Phone Us Email Us
Keep up to date

Sign up to our newsletter to keep up with all things Active.

Active Spirit

“Having been a client of Active for many many years and have always been given great advice and direction. I am now looked after by Andrew. He has given excellent advice and service, continuing on the great work this company has always offered me. Always cheerful and helpful; a great asset to Active. I have no problem recommending him to other people.

Team Active shine a light on mental health

11th June 2024

Friday 5th July brings one of our favourite charity events of the year – the Walk in to the Light. Now in to its 4th year, the event was the…

The importance of protection

23rd May 2024

As a financial adviser, one of my primary goals is to ensure that my clients are well-prepared for whatever life might throw at them. Read on or click here to…

Later Life Planning – why we need it!

21st May 2024

As we go through life, our financial needs evolve. While early adulthood focuses on building wealth and achieving financial stability, later life demands a different approach. Read on, or click…