You may have heard that HMRC plans to implement the amended the Trust Registration Service this year. The effect of this will be that almost all express Trusts will have to be registered, rather than only those that have Tax Liabilities. This is a large administration task and the registration process involves collecting and providing details of the people affected by all Trusts, e.g. Settlors, Trustees and Beneficiaries, as well as the Trust Assets.
The initial consultations indicated that this change would come into place at the start of 2020. Over 200 responses were received to the consultation and these responses need to be properly considered. Therefore, the proposed deadline of March 2020 for implementing the changes to Trust Registration has been put on hold.
The technical consultation on this matter closed on 21st February 2020 and we are currently waiting for the outcome to be announced. This will hopefully provide more clarity on when the Trust Administration Service changes will come into force and we will be in touch to let you know how this might affect you.
Redwood Financial is one of the south’s leading Investments, Pensions,Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning, Lasting Powers of Attorney, Probate, Pensions, Savings & Investments, we can advise on any situation.