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ARTICLE · 06 JULY 2023

Farming Partnerships And Trust Registration

Wright Hassall
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In October 2020, HMRC introduced the new rules regarding registering trusts. Whilst previously only taxable trusts were required to be registered, the new legislation requires...

United KingdomReal Estate and Construction
Deborah Beal
Deborah Beal

In October 2020, HMRC introduced the new rules regarding registering trusts. Whilst previously only taxable trusts were required to be registered, the new legislation requires that the starting point is a trust is to be registered, unless it is exempt. This potentially also includes partnership trusts.

The legislation implemented a registration date of 1 September 2022 for existing trusts that are required to be registered. HMRC have so far, and continue to, issue guidance as to which trusts are to be registered and which trusts are exempt. Fortunately, whilst professionals and individuals alike adjust to the developing guidance, HMRC has stated that it will not be penalising those who fail to register for the first time, unless the failure to register was due to the trustees deliberately avoiding doing so.

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