HMRC's Trust Registration Service (TRS) acts as a register of beneficial ownership for trusts, which has recently been extended to cover bare trusts, as well as those holding dormant assets (private company shares/loans/property/investment bonds).
According to a Freedom of Information request, just 153,241 trusts have been registered to date with HMRC, leaving potentially up to a million trusts still to be registered by the deadline of 1 September 2022.
Stevens & Bolton is able to offer advice to trustees over their obligations, as well as direct registration services.
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