Trust Registration Service
Many of our clients and other readers will be involved with trusts of some sort, many of which were required to register with HM Revenue and Customs’ Trust Registration Service by the deadline of 1 September 2022.
Whilst there are penalties for non-compliance of up to £5,000 per matter, HM Revenue and Customs have indicated that they will adopt a ‘light touch’ approach to penalties for the first few months. This is particularly welcomed as there is significant uncertainty with regards to the circumstances in which land-owning partnerships need to comply with the Trust Registration Service. Whilst further guidance is expected from HM Revenue and Customs on this, if you have any concerns regarding your individual position, it would be sensible to speak with your accountant and/or solicitor as there are many factors to consider, particularly regarding land ownership and Partnership Agreements. We are of course happy to assist wherever we can.
Victoria Paley ACA CTA
Senior Tax Manager
Victoria joined the practice in July 2019 having worked in accountancy and tax in the rural sector since 2010. As a Chartered Accountant and Chartered Tax Adviser Victoria spends most of her time advising family farming businesses on Capital Gains Tax and Inheritance Tax matters primarily in relation to succession planning and capital transactions.
Outside of work Victoria spends most of her time running around after her two young children and riding her horse. Having always loved to travel, Victoria hopes to resume exploring the world with her family once the children are a little older!