Are you a trustee?

It might not be something you think about if the trust was set up years’ ago. You might not even think of the arrangement as a ‘trust’?

  • Perhaps your Mum or Dad set up a trust when they died for their share of the family home?
  • Maybe your name is on the deeds for a property but someone else has the right to live there?

Often, these kind of trusts don’t generate income or capital gains.

It used to be the case that these kind of non-taxable trusts didn’t need to be registered with HM Revenue & Customs.

Changes coming soon

BUT, that’s all changing this year….

All trusts (even non-taxable ones) in existence on 6th October 2020 must register by 1st September 2022 unless they qualify for one of a few, narrow exemptions.

If they don’t register, HM Revenue & Customs can impose fines or penalties.

Want to find out more?

For more information see: https://www.gov.uk/guidance/register-a-trust-as-a-trustee

Or talk to one of the advisers in our tax and trust team