Trust Registration
New Trust Registration Rules
HMRC announced the new Trust Registration scheme in 2022. As a result the majority of Lifetime trusts and some Will trusts have to be registered with them. This enables HMRC to maintain a record of Trusts currently in operation.
The Trust Registration scheme was put in place by government in order to strengthen compliance with anti-money laundering regulations. It’s aim is to ensure there is a clear record of all legal (Trustees) and beneficial (Beneficiaries) owners of UK assets.
Although this change in law was unexpected, we believe this strengthens the independent nature of each registered Trust. It in our view it is a small-scale administrative requirement to register and keep your Trust information up to date. Ultimately this supports the legal status of your Trust as a separate entity.
The new registration and reporting requirements are easy to follow and free to access online.
All Trusts must now be registered with the HMRC, within 90 days of completion.
How to register a Trust:
A Trust must be registered within 90 days of completion, in order to comply with HMRC’s requirements and ensure no penalties arise.
Choose a Lead Trustee. We recommend that this is the person who set up the Trust, or their spouse / partner if this person is no longer available. Alternatively, if neither of these individuals is available, we are happy to talk to you about who should be chosen as the Lead Trustee. All Trustees remain equal, but the Lead Trustee takes on the administrative role as the main point of contact for HMRC.
The Lead Trustee can register the trust themselves here
The Lead Trustee is also responsible for ensuring the register is updated each time there are any relevant changes. For example to Trust assets, Trustees or Beneficiaries.
Trust Registration Service
For those unable to access the registration process online or requiring assistance in registering a trust we can help. Our associate company Summit Compliance Services can help you register and maintain your trust records. Summit were established specifically to provide ongoing support for trust registration and trust reviews.
You can engage with Summit on a one-off basis. Once your Trust has been registered you then have the option to join their ongoing trust review service. This provides you with annual reviews and updates. We recommend this service to give you the confidence that your Trust remains compliant in view of current and future changes to your Trust and the law.
Please contact Summit if you have any questions or would like to join the Trust Registration and Review service
enquiries@summitcompliance.co.uk
01625 709807
