- The deadline for registering a non-taxable express trust is 1 September 2022.
- For new non-taxable express trusts created after 1 September 2022, registration must be within 90 days.
- Any changes to the trust details must be updated within 90 days.
HMRC may apply penalties to the trustee(s) where they fail to register a trust or update details of a trust within the deadlines.
- Up to three months after deadline: £100.
- Three to six months after deadline: £200.
- More than six months after deadline: £300 or 5% of the total tax liability in the relevant year (whichever is higher).