Four Oaks Legal Services has created an information leaflet that explains the UK Trust Register changes that are taking place this year.
The leaflet looks at whether the trust that you look after (as a trustee) or the trust that you created (as a settlor) needs to be registered and how to do it. The information leaflet can be downloaded here.
The UK Trust Register is simply a central record of information held by HMRC relating to trusts. Prior to 1st September 2021, only trusts that had a UK tax liability needed to register. However, the rules have now changed and the scope of the trust register has increased, and more trusts are required to register. The changes impact new trusts and existing trusts and HMRC may impose penalties if a trust does not register by the deadline.
Contact us on 01543 440 308 to speak to our Trust expert Charlotte Timson.