Advisers express concern over client fines for negligent trust registration

Must be registered with TRS by 1 Sept

clock • 1 min read
Advisers express concern over client fines for negligent trust registration

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,...

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