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Approaching down the track
Key points
- A new version of the trust registration service went live in April 2020.
- Currently only trusts paying specific UK taxes need to be registered.
- A ‘digital handshake’ is required for the new register.
- Trustees must update the register if there are changes in beneficial ownership by 31 January after the tax year.
- The trust register will be substantially expanded.
- Some trusts will be excluded from registration.
- All trusts in existence at 10 March 2020 should be registered by 10 March 2022.
I don’t know about other Taxation readers but after getting excited about the trust register and the latest consultation published at the start of this year (tinyurl.com/umchm9u) such matters rather fell off my radar in March. But then a new version of the trust registration service (TRS) went live unexpectedly in April. Combine that with the potentially significant...
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