The UK Trust Register has recently changed its criteria and now requires virtually all Trusts to be registered with them. Previously, only Trusts with a tax liability were required to register.
The UK Trust Register is simply a central record of information held by the HMRC relating to Trusts. It has imposed new rules to extend the registration requirement to nearly all Trusts. This change in legislation impacts new and existing Trusts, if a Trust fails to register within the new deadlines it could result in a penalty from HMRC.
It is the Trustees responsibility to register the Trust within the HMRC deadlines, usually the lead Trustee would undertake registration. If you are the Settlor you should inform the people you nominated that the Trust will need to be registered.
For further information regarding the registration of your Trust, please click on the HMRC hyperlink below:
You can either register your Trust yourself via the HMRC link detailed above or you can contact an Accountant to register it on your behalf.
If you are unsure whether this applies to you, please do not hesitate to contact us for clarification.