HM Revenue & Customs (HMRC) has now introduced stricter guidelines about which trusts must be registered with the Trust Registration Service (TRS).

What is the TRS?

The TRS is a register of trusts set up by HMRC. The TRS was set up in 2017 and forms part of European-wide Anti Money Laundering regulations.

Which trusts need to be registered with the TRS?

Broadly speaking, all UK trusts will now need to be registered, regardless of whether they incur a tax liability or not, unless they are specifically exempt.

Some of these exemptions include:

  • Charitable trusts
  • Trusts created by Will that are wound up within two years of the testator’s death
  • Trusts created prior to October 2020 with a value of £100 or less
  • Pension schemes
  • Policy trusts that pay out on critical illness or death only

Some non-UK trusts will also need to be registered with the TRS. A full list of exempt, and non-UK trusts which will need to be registered can be found here. It is important to consider carefully whether a trust will now need to be registered in line with these guidelines.

For the purpose of this note, we will refer to the non-exempt trusts as ‘Relevant Trusts’.

Who is responsible for registering a Relevant Trust?

Trustees are all legally responsible for registering a trust with the TRS. If there is more than one trustee, a ‘lead’ Trustee can act on behalf of them all in registering the trust with the TRS.

What deadlines do I need to be aware of?

  1. Relevant Trusts that were in existence after 6th October 2020 must be registered before 1st September 2022.

  2. Relevant Trusts created after 1st September 2022 must be registered within 90 days of creation.

What information will the TRS need to register a trust?

The TRS asks for information about the trust itself, the trustees, the settlor, and all potential beneficiaries of a trust. It is helpful to have located as much of this information as possible before beginning the registration process.

What happens if I do not register a Relevant Trust?

Registering a Relevant Trust with the TRS is a legal requirement. HMRC can issue trustees with financial penalties if they fail to keep the TRS up to date.

Contact us

If you are unsure whether your trust should be registered, or would like assistance in registering a Relevant Trust correctly, please fill in our form below and a member of our team will get back to you or contact:

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