The requirements for registering trusts with HMRC via the TRS have changed; as a consequence, trusts which have not previously had to undertake such compliance reporting may now need to do so. In particular, non-taxable trusts in existence on or after 6 October 2020 must be registered by 1 September 2022, and non-taxable trusts created after September 2022 must be registered within 90 days (previously 30 days). There is therefore a new registration requirement for non-taxable employee benefit trusts and employee ownership trusts. Whilst the obligation to register sits with the trustee, the trustee may now need to seek further information from the sponsoring company, in the case of EBT or EOT, in order to determine the extent of any reporting need.
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The requirements for registering trusts with HMRC via the TRS have changed; as a consequence, trusts which have not previously had to undertake such compliance reporting may now need to do so. In particular, non-taxable trusts in existence on or after 6 October 2020 must be registered by 1 September 2022, and non-taxable trusts created after September 2022 must be registered within 90 days (previously 30 days). There is therefore a new registration requirement for non-taxable employee benefit trusts and employee ownership trusts. Whilst the obligation to register sits with the trustee, the trustee may now need to seek further information from the sponsoring company, in the case of EBT or EOT, in order to determine the extent of any reporting need.
If you are not a subscriber, subscribe now to read this content.
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