Herald - Issue 425

v THE HERALD - Your Community Magazine v 23rd June 2022 • The HERALD • Page 59 ASK A PROFESSIONAL YATES & CO Chartered Accountants Specialists in providing accounting and taxation advice to small businesses and individuals Contact: Colin Yates A.C.A. Telephone: (023) 8086 1550 E-mail: enquiries@yatesco.co.uk Personal and Friendly Service DON’T MISS THE TRUST REGISTRATION DEADLINE by Lindsay Taylor, Senior Associate Solicitor, CGM Solicitors My trust registration article a few editions ago has proven to be a big talking point. Many people have taken the opportunity to check the situation from the point of view of their current wills and of those who have recently passed away. I am sure there are still trustees who are not aware of their new obligations and I would urge all to look again at the will of a family member who has died to see whether a trust has been set up. I have o en met with a spouse who has come in to check their will, only to nd that they do not own their property, but instead nd it is partly owned by the trust. eir children subsequently nd out they are trustees and responsible; having done nothing at the time as their surviving parent handled all the banks. It was simply not understood that the property was in trust and had to be dealt with. HM Revenue & Customs has set a deadline of 1st September 2022 for registering trusts even if they are not taxable. e common trust that families do not always realise have to be registered is life interest trusts under a will in which a property is held for the bene t of a spouse or civil partner. There are many life interest trusts created under a will as it is one of the most cost e ective ways to protect a portion of your estate from care home fees whilst enabling your spouse or civil partner to remain protected under the will. Along with dealing with the estate, the executors and trustees now have an obligation to register the trust with HM Revenue and Customs. Such trusts have been around for many years and if you think you or a family How do I register? • First you must create a Government Gateway user ID and password • Then use the Government online service to register the trust details You should update the trust whenever there is a change to the trustees, beneficiaries or trust assets. Trusts can be a mine eld and you can instruct an accountant to register your trust on your behalf for a fee. If you are a trustee of a will trust and are unsure whether you need do anything, CGM Solicitors has specialist solicitors who can advise you of the next steps. Lindsay Taylor is a Senior Associate Solicitor based at our Hythe Office. For your conveyancing and private client needs you can contact CGM Solicitors on 023 8084 2765 for an appointment. member is a trustee or bene ciary of such a trust the trustees will need to check that they have registered the trust. What do I need? When registering the trust you will need • e name of the trust • e date the trust was created • You will need to state whether the trust is an express trust or not • Details about whether a non-UK trust has a business relationship in the UK • Details about any UK land or property the trust has purchased • Details of the other assets in the trust including cash, cars, jewellery and art • Details of all the trustees and bene ciaries You will normally nd these details in the trust document itself which is usually the will. Lindsay Taylor, Senior Associate Solicitor, CGM Solicitors