Postby maths » Fri Jun 10, 2022 3:29 pm
There is no general exemption for bare trusts; see the following HMRC comments:"
"Though there is no general exclusion from registration for bare trusts, trusts created in the course of opening a bank account for a minor child or person lacking mental capacity are excluded from registration as express trusts (Sch3A(6A) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017).
This exclusion only extends to trusts created when opening cash deposit accounts: investments (for example stocks and shares) held on trust for the benefit of a minor child will not qualify for this exclusion".
However, this specific exemption does not apply in your case ie registration of the trust is necessary.