Have you registered your Trust?

By Tegan Gladman DipPFS from Anstee & Co.

You may be aware, that it has now become a requirement to register your non-taxable trusts with the Trust Registration Service (TRS). The TRS has given a deadline of the 1^st of September 2022 to have registered your Trust.

Some trusts are exempt from this requirement. These are:

• Registered Pension Schemes
• Trusts holding a life/health insurance protection policy with no, or an incidental investment content.
• Will Trusts for two years after death (unless the tax is due)
• Statutory Trusts
• Personal Injury Trusts
• Disabled Person’s Trusts
• Charitable Trusts
• Bereaved Minor Trusts and 18-25 Trusts (subject to S71A and S71D of IHTA 1984)
• Historic Pilot Trusts (created before the 6^th of October 2020 holding £100 or less)

If your trust does not fit into one of the above exemptions, your trust will need to be registered. This applies to all UK trusts including: bare, absolute, interest in possession, flexible and discretionary trusts etc. Some non-UK trusts also need to be registered and if you are unsure whether it applies to your trust, please clarify with HMRC.

What information is required to register?

The trustees need to provide information on the people involved in the trust e.g settlors, trustees and beneficiaries, as well as details of the trust. If the trust also has a UK tax liability, further information on the assets held within the trust must also be provided.

It is the Trustees responsibility to register the trust and to keep the information up to date. Upon completion, you will be issued a certification of registration.

To register your trust, please go to www.gov.uk/guidance/register-a-trust-as-a-trustee

How Anstee & Co can help you register your Trust.

If you would like help with this, don’t hesitate to get in touch with one of our offices and we will refer you to an Accountant to register it on your behalf.

We are a firm of Independent Financial Advisers (IFA’s). This means that the financial advice we offer is unbiased. Our experience covers all aspects of financial planning including, Investments, Pension, Estate Planning and Mortgages. To find out how we can help you, why not contact us today? The initial “getting to know you” meeting is at our expense. We would love to have a chat over a coffee or tea.

Our offices are located at-

• Kettering, Northamptonshire
• Stamford, Lincolnshire
• Towcester, Northamptonshire
• London, Central London

Additionally, our financial advisers live and make use of meeting rooms  in-

• Bedford
• Market Harborough
• Wellingborough
• Northampton

We make full use of video conferencing facilities such as-

• Zoom
• Microsoft Teams
• Skype
• Facetime

Also, we can arrange a conference telephone call. The choice is yours. There is no need to visit an office as all work can be handled remotely.

So, if you have any thoughts or comments on this article, ” Have you registered your Trust?”, then we would love to hear from you.

Finally, the information contained in this article is for information purposes only and does not constitute financial advice. Anstee & Co. is authorised and regulated by the Financial Conduct Authority (FCA).