Services
Trust Registration
Services
The UK Trust Registration Service (TRS) is provided by HM Revenue and Customs (HMRC) for trustees of certain types of trusts to register their trust and provide information about the trust and its beneficiaries. The Trust Registration Service was developed in 2017 as a result of anti-money laundering regulations.
Do I need to register with the HMRC Trust Registration Service as a Trustee of a Trust?
In the UK, specific trusts are required to register with HM Revenue and Customs, with requirements based on the type of trust, its assets, and beneficiaries. Recent changes effective from 6 October 2020 state that all express trusts, even if not taxable, must be registered unless excluded. All taxable trusts are obligated to register.
Registration Deadlines:
Non-Taxable Trusts:
- Non-taxable trusts created on or before 6 October 2020 must register by 1 September 2022.
- Non-taxable trusts created after 6 October 2020 must register within 90 days of creation or becoming liable for tax, or by 1 September 2022 (whichever is later).
Taxable Trusts:
- Registerable taxable trusts created on or after 6 April 2021 must register within 90 days of the trustees becoming liable to tax or on or before 1 September 2022 (whichever is later).
- Registrable taxable trusts created before 6 April 2021 are required to register by 31 January (or 5 October in some cases) following the end of the tax year in which the trust had a liability to UK taxation.
Trusts incurring a tax liability that triggers registration but have since ceased are still required to register. Trustees should register such trusts on TRS with the necessary information and then immediately close the trust record to record the fact that the trust has ceased.
The TRS record must be kept up-to-date with any changes to the information held. The deadlines depend on whether the trust is taxable or non-taxable.
- For taxable trusts, trustees must declare the trust is up to date annually by 31 January following the end of each tax year with a tax liability.
- For non-taxable trusts, the TRS information must be updated within 90 days of the trustees becoming aware of changes to the trust details or beneficial ownership.
Personal representatives, responsible for managing a deceased person’s estate, must register with HMRC by 5 October after the tax year when the estate begins to receive income or has chargeable gains on which tax is payable. This applies if the estate is classified as complex and/or has been administered for over two years.
The full list of trusts not required to register can be found here. Excluded trusts include:
- UK registered pension schemes
- Charitable trusts regulated in the UK
- Implied trusts resulting from statute or the joint ownership of a home or other co-owned assets.
- Trust imposed by court order
- Child Trust Fund, Junior ISAs and bank account for children
- Trust for vulnerable beneficiaries or bereaved minors
- Will trusts that are wound up within two years of death
- Policy trusts paying out on death or critical illness
- Existing trusts with a value of less than £100 created prior to 6 October 2020
How can we help?
Apex Estate Planners is ready to assist clients in determining their obligation to register with the Trust Registration Service (TRS) and guide them through the filing process if required. For advice or assistance, please reach out to Apex Estate Planners.
Get in touch with us today.
Disclaimer: The information on the Apex Estate Planners Ltd website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. It is provided without any representations or warranties express or implied
