New rules require all UK express trusts and some non-UK trusts to register with HMRC. This includes non-taxable trusts unless the trust is specifically excluded. The deadline for trusts created or becoming registrable after 6 October 2020 is within 90 days of the trust being created, or becoming registrable, or 1 September 2022 (whichever is later).
Naomi Wells and Vanessa Clark of Azets presented a Tax Faculty webinar (available to all ICAEW members) on 13 July 2022. The webinar covered the new requirements and the exclusions. A recording and a copy of the slides are available to all members.
Further resources
- TAXguide 14/20 Trust Registration Service covers the mechanics of registering a trust
- Trust Registration Service Manual - HMRC internal manual. The trust section of HMRC’s online agent forum has answers to some particular questions and is the best way to raise general (non-client-specific) questions
- Tax Faculty members can seek advice through TAXconnect
- Members of the Small Practitioners Community can use the tax helpline
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