Trustees beware: trust registration deadline is looming

Are you the trustee of a trust?

Changes introduced to give effect to the ‘EU Fourth Anti-Money Laundering Directive’ (4AML), meant that from 6^th October 2020, the requirements for trusts to be registered with HMRC’s Trust Registration Service (TRS) were significantly expanded.

The vast majority of express trusts are now required to register with TRS, regardless of whether or not they are taxable. This requirement is retrospective and relates to trusts made both before and after 6^th October 2020.

The deadline for the registration of existing trusts is 1^st September 2022, and it is the responsibility of trustees to ensure that relevant trusts are registered.

This is a significant change and many trustees will be unaware of their obligations. Make sure you don’t miss the deadline.

If you need more information about trust registration, then don’t hesitate to contact a member of our Trusts team – you can call us on 01228 552222 and you can email us – hello@burnetts.co.uk.