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.


Check out more of our blog articles here: www.magma.co.uk/blog.