Are you ready for the New Trustee Reporting obligations?

Following the introduction of the Fifth Money Laundering Directive (5MLD) all UK resident trusts in existence on or after 6 October 2020 (other than those which are specifically excluded) will need to be registered by the trustees, or their agent, on HMRC's Trust Registration Service (TRS) before 1 September 2022. Please find a guide attached to this blog which provides useful information on the requirements of 5MLD.

Please note that the trustees are legally responsible for registering the trust, if required, and HMRC may impose financial penalties to those trusts that fail to register or fail to keep the register up to date.

Whitings Chartered Accountants can help with this. Their fee for the initial registration of the trust will be based on time spent on the assignment, but they expect this to be in the region of £375 to £450 + VAT. This includes gaining agent authorisation, obtaining the relevant information for the registration, and the registration process itself. Further information can be provided by contacting:

Nick Edgley
01353 662595

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