Trust Registration Service

When the Trust Registration Service (TRS) was first set up in 2017, only trusts that were liable to pay tax were required to register.

New rules were introduced on 6 October 2020 which mean that non-taxable UK trusts are also now required to register with HMRC, regardless of whether the trust is liable to pay any tax. 

The deadline for this registration is 1 September 2022. This deadline also applies even if the trust has since been closed.

Non-taxable trusts that are created from 6 October 2020 will need to register with HMRC by the later of 90 days of creation or by 1 September 2022.

Generally speaking, trusts that need to be registered are:

• All UK express trusts (unless they are specifically excluded, see below)
• Non-UK express trusts that acquire land or property in the UK and have at least one trustee resident in the UK

Certain trusts are excluded and are not required to register unless they are liable to pay UK tax, these include but are not limited to:

• Trust required to open a bank account for a child or vulnerable person
• Charitable trusts
• Trusts for bereaved minors or adults aged 18-25
• Will trusts which are wound up within two years of death
• Trusts of life policies paying out on death, terminal illness or disability
• Trust imposed by courts or created by legislation
• Co-ownership trusts

Information held on the register about the people associated with a trust (taxable or not) also have to be kept up to date to comply with anti-money laundering regulations. Any changes have to be reported within 90 days.

If you think that you may be affected by these changes, please get in touch and we will be happy to assist with your reporting obligations.

To find out more about the Trust Registration Service (TRS), please contact us using the details below.

Written By: Justine Whyatt

(E) enquiries@advaloremgroup.uk (T) 01908 219100 (W) advaloremgroup.uk