What to do about a bare trust not registered

Grandparent holds an investment account for grandchildren which hasnt been registered on TRS

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Scenario is that grandparent settled money into a stocks and shares account for her grandchildren - the trustees are her children and the beneficiaries are the grandchildren. It was not registered on the TRS and now one of the beneficiaries is due to tunr 18. Should it still be registered on the TRS - and what if any fines are likely to be applied for late registration?

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Replying to David Ex:
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By alisonis
25th Apr 2024 15:24

Thanks - one of the beneficiaries is about to turn 18 - does this affect the need to register?

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By Rammstein1
25th Apr 2024 14:59

Register it now, probably no fines unless they have already been notified to register by HMRC and ignored it.

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Replying to Rammstein1:
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By alisonis
25th Apr 2024 15:17

Thanks - that's my gut feel also but wandering if there is any actual legislation about this.

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Replying to alisonis:
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By David Ex
25th Apr 2024 15:22

alisonis wrote:

Thanks - that's my gut feel also but wandering if there is any actual legislation about this.

https://www.gov.uk/hmrc-internal-manuals/trust-registration-service-manu...

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Replying to David Ex:
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By More unearned luck
25th Apr 2024 15:33

The law is to be found, of course, in SI 2017/692, not in HMRC's manuals.

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Replying to More unearned luck:
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By David Ex
25th Apr 2024 15:38

More unearned luck wrote:

The law is to be found, of course, in SI 2017/692, not in HMRC's manuals.

Link to regs given in first para of my link.

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