For any real estate developers with trusts in their holding structures, there are new regulations in force that make it a requirement for trustees to obtain and hold up-to-date details of the beneficial owners of their trusts on record and to register these annually with HMRC where the trust is liable to pay tax in the UK.
The HMRC penalties for failure to comply could potentially be severe and as such, trustees should ensure they are familiar with these reporting requirements, particularly as the deadlines for registration are fast approaching.
To learn more, please click on the link below to read our e-bulletin on the new registration requirements. Please note that since publication of the e-bulletin, HMRC has extended the deadline for compliance for trusts already registered for self-assessment from 31 January 2018 to 5 March 2018.
Authors: Paul Chases, Partner and Head of Corporate Real Estate; Alex Wright, Associate, Real Estate, London
For more information please contact: