Honeymoon for advisers over trust registration penalties 'may not last'

clock • 5 min read

Those who put off planning for trust registration "might find themselves next May or June with the proverbial shedload of data to be gathered and a deadline twelve weeks away", according to Gerry Brown, trust and estate planning consultant with Isle of Man-headquartered QB Partners. And while it is "generally believed that HMRC will be ‘easy' on penalties - at least for a honeymoon period. That might well be the case but how long will the honeymoon last?" The Trust Registration Service (TRS) is a register of the beneficial ownership of trusts. It was first set up in 2017 as a conseque...

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