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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:1738
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.


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