Trust Registration

Did you know that there are 1 million trusts that have not yet been registered?

It is widely known that when setting up a trust, if the trust is required to pay tax, it will need to be registered with HMRC. However, you may not know that now HMRC have introduced new rules stating that all trusts, except for those that are exempt, will need to be registered by the deadline of 1 September 2022.

HMRC are currently determining the penalty scheme for those that do not register their trusts by the required deadline, and this penalty is currently set to be up to 5% of the tax liability or £300, whichever is greater.

It is therefore essential that all trusts, except those that are exempt must be registered. If you need any help registering a trust, or if you are unsure whether your trust needs to be registered, feel free to give us a call on 0207 384 2647.

We look forward to hearing from you!

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