This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Which Trusts Need Registering on TRS from Sep-2022?

marc02
Posts:94
Joined:Wed Apr 22, 2009 2:46 pm
Which Trusts Need Registering on TRS from Sep-2022?

Postby marc02 » Wed Jul 06, 2022 12:27 pm

Hi,

Would you know if the following types of trusts would need to be registered?

1) A discretionary trust holding shares of a private company. The trust is not liable to tax (no income / dividend has received and not yet approached the periodic 10 year charge).

2) A discretionary trust holding only a lives assured investment bond. The bond has paid out to beneficiaries under the 5% rule so no tax liability.

3) A discretionary trust holding only a lives assured investment bond. The bond has not made any payments.

Thanks!

AGoodman
Posts:1450
Joined:Fri May 16, 2014 3:47 pm

Re: Which Trusts Need Registering on TRS from Sep-2022?

Postby AGoodman » Wed Jul 06, 2022 12:46 pm

Yes to all.

All express trusts must be registered by 1/9 if they are not in the excluded list in Sch 3A of the 2017 Regulations. None of these are.

You might be okay with any that are non-UK trusts (e.g. if the trustee of any of them were non-resident)

Sorry...

marc02
Posts:94
Joined:Wed Apr 22, 2009 2:46 pm

Re: Which Trusts Need Registering on TRS from Sep-2022?

Postby marc02 » Wed Jul 06, 2022 12:57 pm

Thank you.


Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”