Registered your Trust with HMRC’s Trust Registration Service yet?

As a Trustee, you’ll be well aware of the administrative and compliance responsibilities that come with the role. It's up to you to ensure that everything is in order.

So we wanted to make sure that you haven’t missed this change in the law regarding Trusts.

Even if your Trust doesn’t pay tax, you must register with HMRC’s Trust Registration Service. This must be done within 90 days of your Trust being set up, or for older Trusts, they should have been registered before 1st September 2022. Even if you have missed that deadline, you must still register your Trust as soon as possible.

Helping you to register your Trust

We believe in making all aspects of financial advice as simple and straightforward as we can, especially where Trusts are concerned. Whether you’re an SJP client or not, we’re here to help – and we’re more than ready to lend a hand with this new requirement.

All Trustees of the fund are equally responsible – but only one of you can actually register the Trust – this is the Lead Trustee. The first thing to do is to decide which of you that’ll be.

The online registration process is straightforward – but can be time consuming – via the HMRC website, where you’ll be asked to create a Government Gateway User ID, password, a Unique Taxpayer Reference (UTR) and register details of the Trust, its settlors, beneficiaries and Trustees.

SJP’s Anna Blake takes you through the entire process step by step in this video.

Making the most of being a Trustee

Becoming a Trustee can be very rewarding, but it’s a big responsibility. Whether you’re setting up a trust yourself or you’ve been asked to act on behalf of someone else, you’re accountable to your beneficiaries.

You have a legal requirement to get professional financial advice as a Trustee – both when arranging a new investment or if you’re reviewing existing ones. St. James’s Place’s specialist services include investment for trustees, and we can support you in all your responsibilities; from creating an appropriate investment strategy to choosing the best investment vehicle for tax purposes.

If you’re about to take on the responsibilities of Trusteeship, or already in post, but need expert advice on investing for the best, we’re here.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

Trusts are not regulated by the Financial Conduct Authority.

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SJP Approved 07/11/2023