QUALITY LEGAL SERVICES
Which trusts need to register?
The scope of the TRS has been widened by the Fifth Money Laundering Directive (5MLD) to include all trusts, not just those with a tax liability, with only minor exceptions.
Who is responsible for registration?
The legal responsibility for registration lies with the trustees. Where there are multiple trustees, it is a matter for the trustees to decide and appoint a lead trustee to complete the registration process. All trustees are equally legally responsible for the trust, and therefore the nominated ‘lead’ trustee is simply the main point of contact for HMRC. If, for example, there are four trustees, this would be recorded as one lead trustee and three additional trustees.
When do Trustees need to complete and submit the registration?
HMRC are carrying out the required upgrades to the TRS to allow the registration of all trusts. They have not yet confirmed when this will be ready however it is likely to be in the summer of 2021. After the TRS is available there will be a 30 day registration period for new trusts created after that date. It is expected that all trusts in existence at that date will have a 12 month period in which to register.
How does a Trustee access the TRS?
Trustees will be able to register their trust with HMRC using a secure online service through the GOV.UK website.
What happens then?
It is the responsibility of the trustees to ensure that the information held on the register is kept accurate and up to date. Trustees will have 30 days from the date they become aware of any changes to ensure that the register is updated.
IF YOU ARE A TRUSTEE
WE CAN HELP YOU MEET YOUR LEGAL REQUIREMENTS
REGARDING THE TRS
If you need help with the registration of your trust, the trustees can appoint Fidelis Legal Services Ltd to act as their agent to comply with HMRC requirements. The trustees will still be responsible for all other aspects of the trust, such as making any distribution decisions using their discretionary powers, but safe in the knowledge that the requirements of the TRS are being managed for them.
Our fee for this service is £300 for the first year then just
£60 per year after that.
HOW WE WORK ?
GETTING STARTED to Call us on 0333 600 1000 or fill in our simple enquiry FORM and we will call you. No sales scripts just easy to understand advice and help from a team with over 30 years’ industry experience
GETTING STARTED
GETTING STARTED - Call us on 0333 700 2020 or fill in our simple enquiry FORM and we will call you. No sales scripts just easy to understand advice and help from a team with over 30 years industry experience.
WE GET TO KNOW YOU
Whatever service you require our fully qualified, caring team of experts will take the time to discuss your requirements and offer advice on the next steps you need to take. Our in house legal team will then start the process to ensure your requirements are achieved.
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FINAL STAGE
Whatever your requirements we will guide you through the entire process ensuring you are well informed and get the result you are looking for. You can be assured that our legal team are always on hand to help whatever your circumstances.