Postby AGoodman » Wed Aug 04, 2021 4:52 pm
Pawncob - I'm fairly confident your link has not yet been updated to reflect MLD5. It describes the rules now but they are changing (in fact the amendment came into force on 6 October 2020). The 2017 Regs on legislation.gov.uk are also nearly a year out of date.
Most bare trusts, other than for home ownership, have to be registered by 10 March. It's a bit of a scandal that HMRC have not yet updated their advice but that is perhaps because they have not yet updated their software and process for registering all these additional trusts. They don't want people to try to register until they're good and ready.
The only exempt trusts are listed in Schedule 3A to the 2017 Regs, which is available here:
https://www.legislation.gov.uk/uksi/2020/991/regulation/11/made