Advisers have expressed concern that their client’s risk being fined by HMRC for failing to register trusts with the Trust Registration Service (TRS) by 1 September deadline, according to HSBC Life.
The deadline refers to registering non-taxable trusts that became registerable on or after 6 October 2020. The rules by HMRC state that any trust must register details of the settlors, trustees, and beneficiaries with the TRS by 1 September 2022 and any trusts created after this date will be given an additional 90 days to register. Research by the provider found that 62% of surveyed advisers with clients who are trustees or have interests in trusts were concerned their clients could risk being fined for missing the deadline. Over one third (39%) of respondents said they have alread...
To continue reading this article...
Join Professional Adviser
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.
