Trusts and Estates Newsletters Published

The main topics covered in the newsletter include the following:

Trust registration service. The deadline for registering most trusts on the Trust Registration Service (TRS) is 1 September 2022. The deadline for registrations for non-taxable trusts in existence on 6 October 2020 is 1 September 2022, this also applies even if the trust has since been closed. Taxable trusts must register within 90 days of the trust becoming liable for tax or by 1 September 2022 (whichever is later). There are different registration deadlines for taxable trusts that were created before 6 April 2021.

Capital Gains Tax (CGT). The deadline for paying any CGT due on the sale of a residential property is now 60 days. The previous 30-day limit was replaced as part of the Autumn Budget and the change came into effect where the completion date is on or after the date of the announcement (27 October 2021).

What to do when someone dies step-by-step guide. HMRC’s guidance has recently been updated. Updates include a replacement section at ‘Step 6 Deal with the estate’ for Dealing with an estate of someone who’s died. This new section consolidates information for personal representatives managing the administration period. There are also consequential changes to the ‘Self-Assessment returns when someone dies’ guidance to reduce duplication.

We are your expert blend and are here to help with any Trust advice and guidance.