The deadline for registering all UK trusts with HMRC is fast approaching. Just 6 months to go.
HMRC issued a consultation earlier this year on launching a UK Trusts register and all UK express trusts must register, whether or not they incur a UK tax liability.
The following will possibly fall within the definition of an express trust and will have to register:
The Government expect any unregistered trusts still existing on 10 March 2020 to be registered on the Trust Registration Service (TRS) by 31 March 2021.
The Government require any new trusts set up after 1 April 2020 must register within 30 days.
Currently trusts will be fined up to £300 or 5% of the tax liability if they are more then 6 months past their registration deadline.