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HMRC Trust Registration.
HMRC Trust Registrations.
Since 2017 there has been a legal requirement to Register Trusts with HMRC
Since 2017 there has been a legal requirement to register Trusts with HMRC. This is part of anti-money laundering legislation, and the scope has widened with time. All Trusts, not just those with tax liability, now need to be registered with only very few minor exceptions.
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Once registered the information held by HRMC on a Trust must be maintained and updated within 30 days of any changes.
HMRC Trust Registration FAQs.
Understanding the process of HMRC Trust Registration can seem overwhelming. Here's some FAQs that may help:
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WHO IS RESPONSIBLE FOR THE REGISTRATION OF A TRUST?The legal responsibility for registration lies with the Trustees. Where there are multiple Trustees, it is a matter for the Trustees to decide and appoint a Lead Trustee to complete the registration process. All Trustees are equally legally responsible for the Trust, and therefore the agreed Lead Trustee becomes the main point of contact for HMRC.
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CAN A PROFESSIONAL TRUSTEE REGISTER A TRUST?A Professional Trustee is an ideal choice for registering a Trust with HMRC. They are likely to be experienced in registering many Trusts. If there are, for example, three Trustees and a Professional Trustee, this would be recorded at HMRC as one Lead Trustee (the Professional Trustee) and three additional Trustees.
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WHEN DO TRUSTEES NEED TO COMPLETE AND SUBMIT THE REGISTRATION?There is a 30 day period for all new Trusts to be registered after they have been set up.
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HOW DOES A LEAD TRUSTEE ACCESS THE TRUST REGISTRATION SERVICE (TRS)?Lead Trustees are able to register their Trust with HMRC using a secure online service available through the GOV.UK website.
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WHAT HAPPENS THEN?It is the responsibility of Trustees to ensure that the information held on the register is kept accurate and up to date. Trustees have 30 days from the date they become aware of any significant changes to ensure that the register is updated.
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WHAT CAN FIDELIS LEGAL OFFER REGARDING TRUST REGISTRATION?During the development of the TRS, we were involved in the planning and testing process, offering valuable feedback to the Government and HMRC. It is this involvement from the beginning which gives us unique insights when registering Trusts for our clients. Our registration service is not just for Trusts where we act as Professional Trustees. We work with our clients to provide the most appropriate solution to their registration needs.
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