Everything Yorkshire trustees need to know about the new HMRC registration rules, and where to find help

Remember, remember, the 1st of September, as new HMRC rules come into place for certain trusts AD wcllpsolicitors Yorkshire HMRC trusts trustees

Are you a trustee of a trust? It is now a requirement for trustees to register all UK express trusts and some non-UK express trusts, withby 1st September 2022, or within 90 days of creation, unless the trust is specifically excluded.

Previously trusts only needed to be registered if they were liable to pay tax but these new rules were introduced to extend the scope of the trust register whether or not the trust has to pay any tax. To avoid being caught out by the new rules, trustees of express trusts should be aware of the following deadlines which they need to comply with, in relation to any non-taxable trusts:

Trustees should also be aware that any trusts that were in existence on or after 6 October 2020 and have since ceased will still need to be registered with the Trust Registration Service and then immediately de-registered.

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