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July 2022

Registering A Trust - 1st September 2022

TRUST REGISTRATION SERVICE (TRS): CHANGES TO THE TRUSTEES' REQUIREMENTS Legislation was introduced in July 2017, which requires ‘express’ trusts with a UK tax liability, to submit, electronically, accurate information of the beneficial owners to HMRC through the TRS. This includes both UK and non-UK trusts with a UK tax liability. Express trusts are generally trusts that have been deliberately set up, rather than ‘resulting’ or ‘constructive’ trusts that arise by operation of law in situations where the person holding property has a responsibility to other people with a beneficial interest in that property.

Are You Facing A Loss In Your Personal Allowance?

If your taxable income exceeds £100,000 you will suffer a reduction in your personal tax allowance.