The Trust Registration Service (TRS) is a register of beneficial ownership of Trusts which was introduced in 2017. Initially the TRS required any existing or newly created trust with UK tax liabilities to enter certain data into the register.
As part of the UK’s implementation of the Fifth Money Laundering Directive, HM Revenue and Customs have extended the categories of trusts that must be registered, these now include:
- Non-taxable trusts in existence on or after 6 October 2020 need to be registered (even where those trusts have now concluded).
- Both non-taxable AND taxable trusts created after 5 June 2022 to be registered within 90 days.
- Necessary updates to the trust information held on the Trust Register for both non-taxable AND taxable trusts to be made within 90 days of the change.
If you are a trustee of a trust that would be included in any of the categories above and your trust has not been registered, it is important that you take advice and register. There are penalties for failure to register a trust.
To register the trust, you will need to go online to – https://www.gov.uk/guidance/register-a-trust-as-a-trustee and create a gov.uk Gateway user ID and password. Once you have created an account you will be guided through a set of questions related to the trust, the trustees, the beneficiaries and the assets in the trust. There is guidance on the government website as to the specific information you will need when registering a trust.
The full Trust Registration Service Manual can be found here – https://www.gov.uk/hmrc-internal-manuals/trust-registration-service-manual
If you need any further assistance, please contact our specialist team at Burton & Dyson on 01427 610761 or email us at firstname.lastname@example.org