Trust Registration
HMRC’s new regulations mean that many trusts, which previously didn’t have to be registered, now require registration on the Trust Registration Service (TRS).
Trust Review
In addition to the requirement to register your trust, you must also keep your trust up-to-date. The best way to do this is by having a regular review.
Trust FAQs
Answers to the most commonly asked questions are below. The link below takes you to a full set of FAQs.
The UK signed up to the Fifth Money Laundering Directive to improve transparency about the ownership of assets held in Trust. As a part of this process, HMRC significantly extended those trusts requiring registration, and most trusts do now have to be registered with the Trust Registration Service. This is to ensure that trusts are not being used for money laundering purposes, and the exclusions are extremely limited. This includes all pre-existing trusts, and any trust that was in existence on 6th October 2020 must be registered before it is closed. All new trust must be registered within 90 days of becoming registerable.
Summit has introduced a trust registration service that is both straightforward and cost effective. Contact us if you are looking for advice about whether your trust needs registration, and to engage us to register your trust.
Our annual trust review service is designed to help you ensure your trust remains compliant, and is also available to make you aware of the various tax regimes that trusts can encounter depending on the value of assets they hold.
We offer a business to business service, providing trust registration and annual review services to other providers. If your company has clients with trusts that need registration, contact us to discuss a tailored business relationship that allows you to deliver value and excellence for your clients.
HMRC have stated they will operate a financial penalty scheme for failures to register or accurately maintain a trust register. However, HMRC have also acknowledged that the registration requirement is a new and unfamiliar obligation for many trustees, and for the time being have stated they will not issue penalties for first offences of failure to register as long as this is not due to deliberate behaviour on the part of trustees. HMRC state that where failures to register are due to deliberate behaviour on the part of trustees, a £5,000 penalty may be applied per offence.
- To provide a high quality service.
- Clear and cost-effective fee structure.
- To communicate with you clearly and in a timely manner.
- To take the burden of trust registration from you and make the process as easy as possible.
- To provide and annual review process to help you keep your trust up to date an maximise the benefits of having your trust in place.