|If you’re a trustee or beneficiary of a trust, we have some important information for you.
On 1st September, 2022, it becomes law for most trusts to be registered with HMRC for tax purposes and anti-money laundering regulations. If your trust is not currently registered with HMRC, you may need to take action to ensure registration before this deadline to avoid any penalties.
Are you affected?
We’re currently doing a company-wide product-sweep to help identify any trusts our clients may need to register. We’ll be writing to you imminently if you’re linked to any unregistered trusts on our records.
Of course, we’ll only be able to identify any trusts under our management. But if you think you may be linked to trusts elsewhere, you’ll need to let Radcliffe know. For example, are you the beneficiary of any money from a relative that might be in a trust? Are you a trustee for a member of your family? These are common situations and it’s sensible for us to ask the question.
Helping you register your trusts (if you have any)
If we find you’re linked to a trust that needs to be registered, there are different options available to you. It’s possible to do it yourself, but it can be a complicated and time-consuming process.
Many people are choosing to use their accountant or a registered agent to register for them. The agent we use for this purpose is https://trureg.uk/. We can introduce you to them if you would like us to.
What happens next?
If we find that you have a Trust that needs to be registered, we will be in touch again very soon with more information for you. In the meantime, if you wish to understand more about the legislation or the registration process, please click here or contact your adviser.
Trusts we don’t know about
You should still check whether you have links with any trusts, because if you are a trustee, you’ll be responsible for their registration and could face penalties if this is not completed on time.
Please double check the following:
· Do you have un-registered trusts with us that our search could have missed?
· Do you have un-registered trusts that are not under our management?
· Are you linked to (or otherwise aware of) any other trusts which could need registering?
If the answer is NO to all of the above, you don’t need to do anything further.
If you answer YES to one or more of the above, please let us know so we can provide the appropriate support.