Advisers express concern over client fines for negligent trust registration

Must be registered with Trust Registration Service by 1 September

Hemma Visavadia
clock • 1 min read

Advisers have expressed concern that their client’s risk being fined by HMRC for failing to register trusts with the Trust Registration Service (TRS) by 1 September deadline, according to HSBC Life.

The deadline refers to registering non-taxable trusts that became registerable on or after 6 October 2020. The rules by HMRC state that any trust must register details of the settlors, trustees, and beneficiaries with the TRS by 1 September 2022 and any trusts created after this date will be given an additional 90 days to register. Research by the provider found that 62% of surveyed advisers with clients who are trustees or have interests in trusts were concerned their clients could risk being fined for missing the deadline. Over one third (39%) of respondents said they have alread...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Adviser / Broking

Best Insurance launches WhatsApp application service

Best Insurance launches WhatsApp application service

ASU insurance will be the first product available

Jaskeet Briah
clock 29 October 2024 • 2 min read
Indexation calculation

Indexation calculation

How to differentiate providers

Alan Lakey
clock 25 October 2024 • 3 min read
COVER Women in Protection and Health Awards 2025 launched

COVER Women in Protection and Health Awards 2025 launched

Awards open for nominations

COVER
clock 22 October 2024 • 2 min read