Fund Managers May Urgently Need To Register Express Trusts With HMRC

The deadline to sign up is imminent, with exclusions unlikely to apply for trusts set up by Limited Partnership Agreements

The deadline for registration of many non-taxable UK trusts with HM Revenue & Customs is round the corner. Trusts with no tax liabilities are required to register with the Trust Registration Service by the later of 1 September 2022 or 90 days from the start of the trust, unless they fall within an exclusion.

Fund managers should urgently review their structures and vehicles to identify any express trust arrangements, particularly assets held on trust by general partners or nominees, and work to ensure these are registered as soon as possible.

Which trusts?