Hi from our Tax Team
Trusts holding non-income producing assets including certain investment products linked to Trusts
Have you set up arrangements at any time in the past where you might have transferred a property into a Trust, but continued living in it yourself, or allowed relatives to live in it?
Have you taken out certain investment products such as Single Premium Investment Bonds, Capital Redemption Bonds/Plans or similar products, which may typically have included a Trust Deed that financial advisers might have recommended for Inheritance Tax purposes?
If so, please be aware that these type of ‘Trust arrangements’ may now need a separate registration with HMRC, and the deadline is looming – 1 September 2022.
A link to our previous article on this topic can be found here.
If you think you may be affected by these rules and need our assistance with the registration process, please contact Tom or George as soon as possible.