The trusts register first applied to UK trusts with a tax liability. This was widened in October 2020 by anti-money laundring regulations to include most other UK trusts created by individuals during lifetime or on death.
There is a list of trusts exempt from reporting, such as charities, pensions, co-ownership of land and some older very small trusts.
For others the reporting deadline is 1 September 2022 for existing trusts and 90 days for trusts created after that date.
Information gathering for old and fairly dormant trusts may take some time, so the process is best started as soon as possible. The data requirements include details of the settlor, trustees, main beneficiaries and initial trust assets.
Once registered annual updates are required.
We can help you complete and update the trust register for a fixed fee.