HMRC

Registering the Trust with HMRC

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Since September 2022, all express trusts (this includes FPTs) are subject to new regulatory requirements and must be registered with HM Revenue & Customs, even if they have no tax liability. The process is fairly simple and can be completed over a number of sessions and HMRC provide online guidance.

LINK: Register your Trust with HMRC

• Status: Given McClures went into administration in April 2021, it is highly likely your FPT was not registered by McClures.
• Action: You can follow online guidance e.g., on YouTube (our Facebook page can recommend specific articles) to complete this relatively simple process yourself or employ a solicitor or accountant to undertake on your behalf (typical costs over £500).
• Updates: The registration MUST also be updated for any changes in Trustees or beneficiaries.

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