Trustee duties

As well as registration with the government’s Trust Registration Service (TRS), Trustees have additional, ongoing duties to ensure compliance with the HMRC regulations. This includes keeping the trust register up-to-date.

Trust review

Summit offer an annual trust review service to help you comply with the new regulations and the obligations these place on trustees.

Services for business

We also offer a trust review service to help you meet your duty of care, and your clients to comply with HMRC regulations.

The review service will:

  • Update your online trust register where relevant changes occur (for example if a new beneficiary is born or someone moves house).
  • Compile and maintain your internal trust register to ensure trustees comply with HMRC’s data retention requirements.
  • Discuss with you whether the value of your trust assets are likely to trigger a chargeable event in the future.
  • Discuss whether referrals to any other relevant professionals – legal, tax or financial – could be beneficial.

"Thank you to all the team for your professional support and advice so far, it’s been fantastic."

Client feedback 2022