HMRC have recently changed their rules with regards to reporting for estates of deceased persons and trusts and there are tight deadlines in place to comply with these rules. In some cases the deadline is 1st September 2022 therefore it is important that you take immediate action.
Registration of estates
HMRC now require any estates where assets are held for more than two years from the date of death to be registered online using the Trust Registration Scheme. This applies to estates being dealt with on or after 06 October 2020.
Registration of trusts
HMRC now require most trusts, even those which do not have to pay tax at the moment, to be registered online using the Trust Registration Scheme. This applies to any trust which was in existence on or after 06 October 2020 (subject to certain exceptions).
More information
The online registration is to make sure that trustees (executors) are fulfilling their duties to collect and report information to the Revenue. It is also to make sure that trustees report any income or gains made so that the appropriate tax can be calculated, where that is relevant.
You can do the registration online at https://www.gov.uk/guidance/manage-your-trusts-registration-service.
Failure to register may result in a fine or penalty from HMRC so you should take action if applicable to you.
Rowena is able to advise clients on all aspects of personal asset management and associated property matters. This includes managing assets during lifetime such as gifts, trusts and estate planning, regarding illness or incapacity – powers of attorney and Court of Protection issues and regarding or on death – Wills and probate administration.
Rowena is also a qualified member of the Society of Trust and Estate Practitioners (STEP).
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