20% off Vehicle tracking solutions for members only!
In these challenging times, our trusted partner for fuel cards, Fleetmaxx Solutions Fleetloc8, is always looking for ways to help members reduce their fuel cons...
In these challenging times, our trusted partner for fuel cards, Fleetmaxx Solutions Fleetloc8, is always looking for ways to help members reduce their fuel cons...
On Saturday 2nd April, local charity Age UK Lancashire held their annual Canoe Challenge on the Lancaster canal, all to raise vital funds to support their work....
The National Association of Professional Sourcing Agents (NAPSA) Ltd is forging ahead and developing new partnerships within the Property Investment sector; all...
In our first blog concerning endometriosis, we considered the legal protections afforded to affected employees. We now turn to look beyond those minimum legal...
Elektec have sponsored AFC Darwen’s under 13s football team for 2 years in the name of Elektec and East Lancashire Hospice. Elektec arranged something very spe...
Farleys has joined a number of well-known corporate brands in signing the Pledge To Be Seen, a campaign run by visible difference and disfigurement charity Chan...
As of September 2022, it will become mandatory for non-taxable trusts to be registered with HMRC. It is believed that this change comes from the Government’s efforts to combat money laundering. Visibility across assets in all kinds of trusts and private transactions will be possible.
Previously, HMRC’s stance has been that trusts don’t need to be registered with them unless the trust is liable to pay, or becomes liable to pay, capital gains tax, inheritance tax or certain other types of tax.
Expansion to the Trust Registration Service
Trustees will be required to complete annual declarations with the Trust Registration Service (TRS). In these declarations, they must state whether any changes have been made.
If any changes to a trust are made, they must be registered with the TRS within 90 days.
They key change to remember is that this applies to both taxable and non-taxable trusts (i.e. trusts that do not currently incur any liability for these taxes).
Types of Non-Taxable Trusts
The types of non-taxable trusts that will now need to be registered with the TRS may include trusts that include a share of the main residence and other non-income producing assets.
Such trusts will need to be registered by 1 September 2022 or 2 years from the date of the creation of the trust, if created on death.
Non Taxable trusts can be registered online with HMRC using a government gateway ID, further information can be found here.
Bare trusts, in which a trustee has no responsibility or power, such as those used for children, will not need to be registered.
Guidance on Trusts
From setting up a trust of any kind, to the administration of them, you can rely on the expertise of our specialists.
Reach out to us on 0161 969 3131 or fill in our contact form and one of the team will be in touch.
Whether you are in the early stages and just seeking information or you have been considering adoption for a while, joining us at one of our online information...
The Konsortia Partnership are groups of local, professional small and medium-sized (SME’s) businesses in property and construction based in Manchester and Prest...
OverviewThis webinar aims to provide participants with a comprehensive understanding of the public sector buying process, with a specific focus on governance pr...
Attending a Fostering information event is a great place to start if you want to learn about the process of becoming a foster carer.We understand that making th...
OverviewThis webinar aims to provide valuable insights into debt recovery strategies and best practices for securing timely payments on public sector contracts....
OverviewTo equip participants with the knowledge and skills needed to effectively address social value, corporate social responsibility (CSR), and sustainabilit...