How to avoid trust registration delays and support trustee clients

Trusts provide a uniquely flexible way of planning

clock • 5 min read

HMRC's Trust Registration Service has brought about a hidden administrative burden, writes Rachael Griffin. Here she explains the issues...

Under the Fifth Money Laundering Directive (5MLD) all UK resident ‘express' trusts need to register, regardless of whether they are taxable or not. Despite some delays, the new ‘Trust Register Service' (TRS) was launched in September 2021, with a deadline for affected trusts to have registered by 1 September 2022. New trusts created after this date have 90 days to register from date of declaration. Generally, the deadline for registration was well understood and the industry kicked into high gear with articles and guides to help their trustee clients to meet it. In fact, so much focus...

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