It has been a requirement for some time that if a trust is liable to pay any tax, then the trust must be registered on the HMRC Trust Register.
HMRC have now released guidelines outlining the requirements for trustees of non-taxable trusts to also register. The trial website dealing with new registrations is being tested and HMRC aim to have this available from September 2021.
I have summarised the key points relating to new and existing trusts in a downloadable factsheet which you can access here:
Update to the Trust Register – latest guidance and 90 day reporting requirement
At Lambert Chapman LLP, we are able to assist Trustees in registering their Trusts and keeping the Trust Register up to date. If you or your clients need any help or assistance in this matter, I would be happy to assist.
Disclaimer
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.