Thursfields warn trustees to meet September deadline to register trusts
Anyone who has been appointed a trustee of a trust must check if they need to register it by the beginning of September or they could fall foul of new legislation, Thursfields Solicitors has warned.
Experts at the leading Midlands law firm were commenting as the 1 September deadline for registering trusts looms as part of the government’s fifth Money Laundering Directive (5MLD).
This legislation has expanded the scope of the Trust Registration Service (TRS), resulting in a wider range of trusts now needing to be registered under a more complex structure.
Terry Cooper, director and head of the tax & trusts team at Thursfields, explained that he and his colleagues had detailed knowledge of trust law and were available to advise anyone confused.
Terry said: “The government, in a push that originally came from the European Union, created a register of trusts in 2017 because it was concerned that some individuals may be hiding assets and not paying taxes.
“This means that if you are a trustee of a trust which you or someone else has decided to set up, you may well have to register it.
“The types of trusts involved has now expanded, and trustees have no choice in the matter and must meet the deadline of 1 September if they are caught by the new rules.
“It’s crucial for trustees to understand that the UK now has the TRS and, if their trust is one of those referenced, they must register it to avoid penalties from HMRC.”
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Further details of the Trust Registration Service requirements can be viewed here: Thursfields Trust Registration Service