A Freedom of Information request (FOI) from Canada Life to HMRC revealed that 211,381 trust registrations have been received since the Trustee Registration Service (TRS) began in June 2017.
According to the firm, this was an increase of nearly 60,000 registrations in just five months with more than 36,000 received in May and June alone, almost double the total number received in 2021. New legislation came into force, requiring the majority of UK resident non-taxable trusts in existence on or after 6 October 2020 to be registered by the trustees on the HMRC TRS before 1 September 2022. Trusts created after this date will be given an additional days to register. Canada Life has issued a ‘step-by-step' guide to help advisers and trustees to register their trusts. The guide ...
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