Trust registration
Trusts are registered online, using the government Trust Registration Service (TRS). Summit offer an easy to use Trust Registration Service to help you comply with the new regulations by registering your Trust with HMRC.
Services for business
Summit was set up to provide a trust registration to help estate planning professionals and their clients.
Penalties
The penalty for failure to register a trust can be up to £5000 if HMRC suspects deliberate non-compliance.
To comply with HMRC's regulations Trustees must:
- Appoint a Lead Trustee who will be the main point of contact with HMRC.
- Assess the asset(s) held by the trust and their value – both at the time of settlement and at relevant anniversary points – to see whether any tax may be due.
- Ensure details of changes / additions to the settlor, trustee or beneficiary details are updated on the online register within 90 days of occurring.
- Maintain an internal trust register with additional detail relating to all actual and potential beneficial owners (which HMRC define as all settlors, trustees and beneficiaries).
The full HMRC Trust Registration Service Manual can be found here
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