Mar 12 (edited) • General discussion
Trust..
Whats anyones thoughts on this
A poster insists this is correct, when I was talking about private trusts and no solicitor.. a group on fb
HMRC introduced a new regulation, which commenced on the 1st September, stating that, with few exceptions, all UK trusts must now be registered with the Trust Registration Service (TRS), but what does this mean, and how does it affect current trustees, or people considering establishing a Trust?
Before 1 September 2022 people who held assets in Trust only had to register them when a liability to pay UK tax arose. However, these new rules mean that trusts that do not currently have a tax bill to pay must also be registered with the TRS, and failure to meet this legal obligation could result in trustees facing a £5,000 fine.
Here are some key dates for trust holders to be aware of:
• Trusts created before 6 October 2020 or between 6 October 2020 and 2 June 2022 must have registered by 1 September 2022
• Trusts created on or after 3 June 2022 must be registered within 90 days of creation.
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Trust..
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