In response to EU anti-money laundering regulations, adopted prior to Brexit, HMRC has expanded the Trust Register so that virtually every current Trust needs to be registered. The deadline for completing the registration is 31 August 2022 and there will be penalties applied if relevant Trust have not been registered by that date.
If you or your family has a Trust and you’re not sure whether it needs registering, please ask your Adviser for advice and a copy of our Frequently Asked Questions on this topic.
Even if the Trust has been registered previously, it needs to be re-registered because more information is now called for.
The registration process, which is entirely online, can be accessed via this link.