What to know about the Trust Registration deadline

TRUSTEES, HERE IS WHAT YOU NEED TO KNOW ABOUT THE TRUST REGISTRATION SERVICE DEADLINE

Being a trustee comes with many responsibilities, and, in some cases, you will need to register a trust with the Trust Registration Service (TRS) by 1 September 2022 or you could incur a fine.

A trust is an arrangement that lets someone, known as the settlor, set money or assets aside for someone else, known as a beneficiary. A trust is managed by a trustee for the benefit of one or more beneficiaries. The settlor may set out how they want the assets in the trust to be used. There are many reasons why you may set up a trust, from passing on assets to children to generational wealth planning. What is the Trust Registration Service?: The TRS was set up in 2017 as part of an anti-money laundering directive. New rules were introduced in 2020 that require more UK trusts and some nonUK trusts to be registered with HMRC before the September deadline. Trusts set up after the deadline will have 90 days to register with the TRS.

Do you need to register the trust you’re

responsible for?: So, which trusts need to be registered before the deadline? All UK express trusts, whether or not they pay tax, must be registered unless they are on the exclusion list. An “express trust” refers to a trust that was created by a settlor, including those set up in a will, rather than those that were created through a court decision or the operation of the law. Most trusts are express trusts. If a non-UK trust becomes liable for tax on income coming from the UK or on UK assets, it will also need to be registered with the TRS. Some trusts do not need to be registered with the TRS even if they are express trusts. The exclusion list includes: • Pension schemes • Charitable trusts • Will trusts that are wound up within 2 years of death • Policy trusts that hold financial protection that pays out on death or critical illness. Once a trust is registered, you will receive a PDF copy of a report to show proof of registration that you should keep in a safe place. If the trust is taxable, you must declare the register is up to date each year by 31 January. Do you need help managing a trust?: As a trustee, sometimes your role and responsibilities may seem overwhelming. If you’re a trustee, it’s important to keep up to date with changes and have confidence in the financial decisions you make. We’re here to offer you support. Please contact us on 01273 774855 or email advice@pembrokefs.co.uk if you would like more information and quote reference PFSVL.

The Financial Conduct Authority does not regulate estate planning.

T. 01273 774855 E. advice@pembrokefs.co.uk W. www.pembrokefinancial.co.uk

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Editor’s Comment

Hello, Welcome to the latest edition of Village Living. By the time our magazine lands on your door mat, we will be into the summer stretch! I have certainly enjoyed spring this year and looking forward to the comming months. I hope you are too! Read out latest articles as well as the latest from the local theatres, local groups.. As always, your continued support is very important to us. I would like to thank Judy Upton, Steve Boyle and Rachelle from Pinball Pirate, plus ocal charities and clubs for their contibution. Please do write or email us about any local events or activities or charity events you may be running or would like to promote locally. Copy date is by the 5th of July for August. Warm regards Angela

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CONTENTS

What to know about the Trust Registration deadline.......... ............. 2 Bowled over by Bowls...................... 5 What’s On. ...................................... 7 The Bidlington Issue....................... 8/9 Ropetackle Cinema Presents.......... 10 The Beard business......................... 12 St Barnabas Sunflower................... 13 Exhibitions....................................... 14

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