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SAVE THE DATE: THE UPCOMING DEADLINE FOR REGISTERING TRUSTS WITH HMRC

The Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 introduced a requirement that trustees of trusts which have a tax liability (such as Inheritance Tax, Capital Gains Tax, Land and Buildings Transaction Tax etc) register specific information about their trust with HMRC – e.g. the names and dates of birth of the Trustees and Beneficiaries, contact details and the National Insurance Number of the lead trustee etc. Registration is completed online through HMRC’s Trust Registration Service (TRS) and it is the responsibility of the trustees themselves to identify whether their trust requires to be registered. Read more…