1st September 2022 – This deadline may apply to you!
If you hold property or investments on behalf of another person, HMRC may consider this as a reportable trust arrangement. This may mean that you need to register on the Trust Registration Service (TRS) before 1st September 2022.
New legislation now in place means that it is not just taxable trust arrangements which need to be registered, and there may even be a requirement for certain ‘bare trusts’ to be registered (where assets are held on behalf of minor children, perhaps).
If HMRC becomes aware of any trust arrangements which should have registered by 1st September, but they have missed the deadline, there may be late registration penalties issued.
Whitings can provide advice on whether or not you will need to make a registration before 1st September, and can also make the registration on your behalf. If you think you may be in a situation where you are holding assets on behalf of others, or if you have any other trust arrangement for which you are unsure of the requirement to register, please get in touch with your usual Whitings LLP contact, or call the Bury St Edmunds tax team on 01284 752313, or the Ely tax team on 01353 662595 and we will endeavour to help you.
Disclaimer - All information in this post was correct at time of writing.