The onus and responsibility fall on the Trustees. Certain trusts that were not previously required to register are now required to do so, and all trusts have a more wide-ranging obligation in terms of information to be reported under the TRS requirements (and shorter time frames to do so). Many arrangements, such as bare trusts. Loan trusts, etc will now be within these rules if they are `express trusts’ (created deliberately by a settlor by deed or declaration of trust).
If you require any advice as to how the new rules may affect you, please get in touch.
Martin Tomes is HSKSG’s Director of Tax. He specialises in assisting and advising individuals and their businesses in all areas of taxation with an emphasis on tax planning, mitigation and compliance and also heads up the firm’s specialist property sector group.
