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Where Taxpayers and Advisers Meet

Registering a trust

Cloisters
Posts:48
Joined:Fri Oct 14, 2016 5:37 pm
Registering a trust

Postby Cloisters » Thu Apr 14, 2022 12:05 pm

Hi,

I've just been contacted by a financial advisor saying a family discretionary trust that holds 80% of a house following the death of my father must be registered by 1st September. The property in question is still occupied and 20% owned by my mother and as I read the Gov website, there is no requirement to register it but please could I have your views. There would of course be a charge for the advisor to do this.

I have a TR2 referring to the 80% in the trust but I guess this may be different to registering the actual trust. This was done 20 years ago on first death.

It seems that to register (which we can do if necessary) you need details of the deceased like NI number etc., which we no longer have so that's going to be fun if we do have to do this.

Thanks in advance for any help

maths
Posts:8529
Joined:Wed Aug 06, 2008 3:25 pm

Re: Registering a trust

Postby maths » Thu Apr 14, 2022 4:04 pm

I believe that your discretionary trust set up under father's will requires registration by 1 September this year.

It is an express trust and does not qualify under any of the prescribed exemptions from registration.

There is another contributor to this forum, AG who is better qualified than me; so suggest you wait for him to confirm my view or disagree.

AGoodman
Posts:1851
Joined:Fri May 16, 2014 3:47 pm

Re: Registering a trust

Postby AGoodman » Thu Apr 14, 2022 5:37 pm

I agree, I'm afraid it definitely requires registration.

The online guidance may not have been updated yet as, under the old rules, this would not have been caught.

pawncob
Posts:5154
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Registering a trust

Postby pawncob » Thu Apr 14, 2022 8:56 pm

https://www.taxationweb.co.uk/forum/viewtopic.php?f=8&t=58824&p=215270&hilit=trust+registration#p215270
With a pinch of salt take what I say, but don't exceed your RDA


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