You might also be interested in
Replies (8)
Please login or register to join the discussion.
Listening to R4 this am regarding the term: sovereignty that is what these politicians keep going on about: apparently 10 years ago the Supreme Court ruled that in English law, sovereignty does not apply as we are bound and will continue to be bound by International laws,eg Human Rights Act, etc. so we will continue to be bound by EE law after Brexit. Think I've understood it.
I could'nt agree more..!!
I presume that post Brexit, implementing this additional burden should be a bit academic..??
It seems to me that if this includes all pension schemes written in trust, investment bonds written in trust, and bare trusts for children, then the estimate of 2m extra registrations is very, very, low.
Most of those trustees won't have clue, leaving the financial services industry in turmoil....
2million was a guess by the ATT and HMRC. 10x the original 200k.
Because the majority of property is in joint names and thus a trust exists the figure could be much greater. But how many ....
Ignoring the problems of bringing trustees of non income trusts on board just how big a computer are HMRC going to need to process the data and constant changes eg when moving house, death of one joint owner.
I would suggest a cheaper fix would be for the law post brexit to be amended to take out all none income producing trusts. That still means that included are rentals jointly held.
Still trying to set up Trust registration online. It still won't work.
We are waiting for HMRC to get back to us.......
Have I understood this correctly? Will my wife and I (retired) have to register all these:-
* 3 properties owned as joint tenants (one of the properties is held under 3 registered titles so I suppose it makes a total of 5 registrations)
* about 8 joint bank and savings accounts, plus two for grandchildren
* trust arrangements as part of SIPP and other savings schemes, I'd have to do some digging to tot them up. Probably 4 registrable trusts.
* Does this include moveable property owned jointly? Our boat for example (joint ownership is made express by the bill of sale)? I'm the registered keeper of our car but it's jointly owned - will I have to register that? What about the cat? He's jointly-owned and subject to an express (verbal) trust that the survivor of us will look after him. And he'll b****y well insist on the trust being honoured, he's that kind of a cat.
If the answer is "yes":
*how are they going to publicise this?
*and enforce it?
*and what are the penalties going to be if I ignore the rules? Which is, at the moment, my intention (except for the cat because I'd enjoy registering him).
To register a trust try https://www.tax.service.gov.uk/gg/sign-in?continue=/trusts-forms/form/re...