Trust Registration Service (TRS)

The Trust Registration Service (TRS) opened for non-taxable trust registration in September 2021. The regulations were implemented in order to comply with changes in anti-money laundering regulations.

Who needs to register?

All UK express trusts, as well as some non-UK trusts, must register with HMRC under new laws that took effect in October 2020. This includes non-taxable trusts, unless the trust is specifically excluded. Details of all persons involved in the trust such as Settlors, Trustees, Protectors and Beneficiaries will have to be provided for the register.

Key Dates

The registration deadline varies depending on when the trust was created, whether it is taxable or not, and whether the trust is already registered for Income Tax or Capital Gains Tax Self-Assessment (SA) (CGT).

Maintaining trust records

Even if the trust’s details stay the same, the trustees must still file an annual statement to demonstrate that the information in HMRC’s records is valid and up to date.

From 2022 updates will be required whenever beneficial ownership information, such as trustees or beneficiaries, changes.

Late registration/annual declaration penalties

If the trust fails to register or submit an annual declaration by the deadline, HMRC may impose a payment penalty.

Here to help

If you need any assistance with this please contact us on 08458805678 or email action@wrightvigar.co.uk