When I wrote my last blog “Trust registration update – more compliance for trustees” in September 2021 it seemed like the deadline for registering non taxpaying trusts was ages away.

Having got through the mad rush of January and focusing my attention on other matters it is surprising how quickly this deadline is approaching, being only just under 7 months away.

By way of a recap the important dates for trustees are as follows:-

  • Where a non-tax paying trust is already in existence on 6 October 2020, or is created before 1 September 2022, its trustees have until 1 September 2022 to register
  • Where a non-taxable trust comes into existence after 1 September 2022, the trustees must register the trust within 90 days of the date it comes into existence
  • Any changes to any trust details, both taxpaying and non-tax paying trusts, (for example any changes to trustees or beneficiaries) and/or circumstances must be updated on the trust register within 90 days of the change.

Of course, for trusts which become liable to pay income tax or capital gains tax the requirement to register by 5 October following the end of the tax year in which the trust first becomes liable still applies. There are also registration deadlines where a trust becomes liable to pay inheritance tax, stamp duty land tax or stamp duty reserve tax, although the latter of these are less common.

There is a fair amount of information that you need to be able to register the trust. If a trust needs to register you will need to obtain details of not only the trust but also of the settlors, beneficiaries and trustees, and this information may not be readily to hand.

Of course there are some trusts that do not need to be registered and full details of these can be found in HMRC’s Trust Registration Service Manual.

If you are the trustee of a trust and are either unsure whether you need to register the trust, or need assistance in doing so, please do not hesitate to contact me.