Research by Canada Life shows that around 1m trusts are yet to be registered with HMRC, despite an increase in registrations this year. HMRC received over 36,000 registrations in May and June, with this almost twice as many as was received for the whole of 2021. Data shows 61,692 trusts were registered within the first six months of 2022, taking the total number of registrations since the Trustee Registration Service began in 2017 to 211,381. Stacey Love of Canada Life said that while the increase is positive, the “clock is ticking” and there remains a long way to go to ensure all trusts that are required to register do so before the September 1 deadline.
Which trusts need to register on the TRS?
- All UK express trusts where the trustees have incurred a tax liability should already have been registered.
- If the trust is not liable for UK taxes and does not meet one of the listed exemptions, it must be registered by 1st September 2022.
WBV can help with the trust registrations and provide advice where required.
Get in touch to discuss.