Changes To The Trust Registration Service
About the proposed new legislation ...
Posted by Helen Beaumont on 29/01/2020 @ 8:00AM
Proposed new legislation means new trusts, created on or after 1st April 2020 need to be registered under the TRS within 30-days of creation ...
Trustees and their agents must comply and register under the proposed new legislation!
photo by hiva sharifi on unsplash
This 30-day deadline applies to any amendments needed for the Trust Registration Service. As an example, when there is a name/contact details change for a trustee or a beneficiary.
The Government also proposes that unregistered trusts in existence on 10th March 2020 would have until 31st March 2021 to register under TRS. Currently, only trusts incurring a UK tax liability need register, but this means there are a large number of trusts soon to fall under the scope of TRS and its requirements.
The new proposals mean the following trusts will need to register, regardless of any UK tax liability:
All UK tax-resident express trusts, as opposed to just those with UK tax liabilities
Non-EU tax-resident express trusts that acquire UK land or property
Non-EU tax-resident express trusts entering into new business relationships with an obliged entity (for UK money laundering compliance)
These new rules mean that a vast number of trusts, that previously didn't need to register, now do. It is imperative that trustees and their agents comply and register. New penalties for late registration will be introduced as self-assessment penalties will no longer be suitable.
So this is a huge undertaking and anyone involved with express trust creation, management or administration should consider this new legislation as soon as they can.
Until next time ...
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About Helen Beaumont ...
Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.
Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.
When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.
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