HMRC will require all trusts which were in existence on or after the 6th October 2020 to be registered online with them, with limited exceptions, from the 1st September 2022.

They have the power to issue penalties similar to the late filing of tax returns and payment of tax if the trusts are not registered.

Trusts which will have to be registered include the following, unless they are exempt:

• Trusts that existed on 6th October 2020 (irrespective of how long ago they were first set up) and that are still in place now.
• Trusts that existed on 6th October 2020 but have been wound up since that date.
• Trusts that were set up after 6th October 2020 (irrespective of whether they are still in place or have been wound up since that date).

This means that trusts that were wound up before 6th October 2020 and were not in existence on that date do not need to be registered.

The trustees of the trust need to appoint an agent or lead trustee to provide certain details about the trust including the trust assets, approximate market valuations of assets and the identity of the settlors, trustees and beneficiaries of the trust.

For more information, please consult the guidance provided by the government on their www.gov.uk website, searching for ‘Trust Registration Service’.

If we have ever dealt with a Trust for you and have any queries about the registration requirements or process, please contact us on 01372 721 122.