Trust Registration Service Deadline12th Jul 2022
TRUST REGISTRATION DEADLINE LOOMING – 1st September 2022.
Until recently when trusts were set up it was only necessary to notify HMRC if there were tax implications. Many trusts did not have trust implications when they were set up particularly in circumstances where for example a life interest in a property was given to the other spouse with the money to be split between the children once the surviving spouse has passed away. New rules mean that these trusts must now be registered with HMRC regardless of whether there is a tax liability failure to do so could lead to fines.
It is absolutely essential if you believe you may be a trustee in such a trust that you notify HMRC on or before the 1st September 2022.
If you need any support or advice please do not hesitate to contact us.