If you are a trustee of a non-taxable trust – and are yet to register for the Trust Registration Service (TRS) – you now have until summer 2022 to do so. This is several months later than the original proposed deadline of 10 March 2022.
Trustees must register a trust using the TRS if the trust has been deliberately created by a settlor (‘express trust’) and it is currently liable to pay any of the following taxes:
• income tax
• capital gains tax
• inheritance tax
• Stamp Duty Land Tax
• Stamp Duty Reserve Tax
There will be a number of permitted exceptions to registration, for example UK-regulated charitable trusts and most Will trusts.
For further information or support on this, feel free to contact the Private Client Tax team.