Home / Private Client

Legal News

HMRC reminds trustees and agents to register trusts on time

Published on: 31 May 2022

Published by LNB News

LNB News 31/05/2022

Document Information

Issue Date: 31 May 2022

Published Date: 31 May 2022

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

HMRC has updated its ‘Register a trust as a trustee’ and 'Register a trust as an agent' pages, specifically the ‘When to register’ sections. HMRC warns that if trustees or agents do not register trusts on time, a notification letter may be sent to the trustees reminding them of their obligations to keep the register up to date. Additionally, a penalty may be charged.

Popular documents

Priority between loss reliefs in loss making companies

Priority between loss reliefs in loss making companiesWhy does it matter?A company that is a member of a group and has incurred any of the types of losses available for surrender by way of group relief may, without any further rules, have more than one way in which to use the loss. There are a

Late payment penalties—inheritance tax

Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit

Glossary—Latin legal terms

Glossary—Latin legal termsDespite attempts in recent years to simplify the language used in legal cases, there are still a number of Latin phrases commonly used in personal injury claims. The following Latin phrases are listed in alphabetical order:Latin

Legal News