Advisers express concern over client fines for negligent trust registration

Must be registered with TRS by 1 Sept

clock • 1 min read

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...

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