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Trustees’ duties
Key points
- HMRC has updated its Trust Registration Service Manual to include details of penalties that may be imposed on trustees.
- The lead trustee could face a fine of up to £5 000 for which they would be personally liable for failure to register a trust.
- Trustees of registered trusts must ensure that the details on the trust register remain accurate and up to date.
- Some obliged entities may require trustees with whom they have existing business relationships to provide proof of the trust’s registration.
Since legislation introduced on 6 October 2020 all express trusts – other than excluded trusts – have to be registered on the trust registration service (TRS) by the later of 1 September 2022 or 90 days from the date the trust was created. Details of the trusts that are required to register on the TRS are set out in HMRC’s Trust Registration Service...
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