Trust registration deadline
As part of European wide anti-money laundering regulations, HMRC now require most Trusts to be registered on their online Trust Registration Service (TRS). Previously, only Trusts that had to pay tax had to register but from the beginning of September the requirement now extends to most Trusts, regardless of their tax status.
11th August 2022
Natalie Galvin See profile
If you have a Trust that needs to be registered, you must do this by Thursday 1 September 2022, or within 90 days of it being set up, whichever is the later. Penalties will apply if the deadlines are missed and while genuine mistakes or delays may be let off with a warning, deliberate non-compliance may result in a fine for the trustee of £5,000. This is a personal fine and it will not be possible to reclaim this from the trust.
We have included details of this in Insight previously and there are more details of the changes here: https://om.uk/insight/important-change-to-the-registration-of-trusts/ We have seen product providers write out recently and if you have an Old Mill trust you should have already heard from our team. If you have not yet dealt with a trust that you have responsibility for and which we may not already be aware of and would like some help, then do get in touch with your Financial Planner.