Do you need to register a Trust?

All UK express in existence on or after the 6^th October 2020 must now be registered with the UK Trust Registration Service by the 1^st September 2022.   A Trust now needs to be registered regardless of whether or not it is subject to tax. 

What is the Trust Registration Service?

The Trust Registration Service compiles details about a trust including information about when the trust was created, details of the settlor (the person who created the trust) and the ultimate beneficiaries of the Trust. 

Express Trusts can cover all types of trusts including trusts created in a Will by a deceased settlor, life time trusts and declarations of trusts with regard to the beneficial ownership of land and properties. Registration can even been required for a bare trust so where one party holds an asset for another.

Certain types of Trust are excluded from the need to register including:

• a trust create by the intestacy rules.
• a trust created by a court order.
• a trust of a life policy or pension policy that pays out on death/ terminal or critical illness
• a Pilot Trust created before 6^th October 2020 that hold less than £100 in it
• a Will Trust wound up within 2 years of date of death.
• a trust of jointly owned property where the Trustees and the Beneficiaries are the same people.
• a bereaved minor trust
• A personal injury trust

What information is required to register the Trust?

Trustees must enter details about:

1. The Trustees and nominate a lead Trustee
2. When the Trust was created
3. The Settlor
4. The Beneficiaries

What happens if I do not register the Trust by the deadline?

HMRC have indicated that initially they will send “nudge letters” to encourage Trustees to register a Trust but ultimately if the Trust is not registered on the system then the trustees will face penalties and fines starting at £100 for each Trustee.  Penalties will increase to £200 if registration is between 2 and 6 months late and £300 (or 5% of the tax liability whichever is  higher) if registration is more than 6 months late.

How can we help?

If you think you are a Trustee of a Trust that needs to be registered please contact us and we will assess whether or not you do need to register the Trust.  You can appoint us as your agent to register  the Trust on your behalf and then continue to maintain the Trust Registration on an annual basis.

If you would like to speak with one of our private client team please contact us on 01775 722261 and speak with Jane Mawer, Faye Blair or Jamie Dobbs.

Maples Solicitors LLP are delighted to announce Chris Ayre became a Partner of the firm from 1^st January 2021.

Managing Partner Mrs Anita Toal said “Chris has been a loyal member of the team since he joined us as a fresh-faced teenager and office junior many years ago. Over the years, Chris has increasingly taken on more and more responsibility and has been responsible for most of the day to day management of the firm for some time. Chris’s support of and commitment to  Maples has been consistently outstanding-never more so in 2020. We hope Chris will help the firm continue to flourish for many years to come”.

Chris commented “Maples has been like a home to me for nearly 20 years so I was thrilled when the very unexpected offer of Partnership was made. 2020 was a challenging year for everyone and let’s hope 2021 can be the start of a new brighter future”.

At Maples Solicitors, our top priority is keeping staff and clients safe during Covid-19. 

We are working tirelessly to make our offices, meeting rooms, and communal spaces safe for everyone. These measures include social distance meeting for everyone and handwashing stations throughout the building. Phone or video call appointments are also available for those who do not feel safe leaving their homes.

You can read our Risk Assessment below, and if you have any question or concerns, please contact us at Enquiries@Maplessolicitors.com or 01775 722261 

 Covid-19 Risk Assessment