Deadline looms for Trustees to register certain trusts with HMRC

14 June 2022

Trust Registration Service (TRS)

New rules Trustees need to know

HMRC introduced new rules on 6 October 2020 that require most UK trusts (and some non-UK trusts) to register on the Trust Registration Service (TRS) regardless of their taxable position. As mentioned on the government website, these new rules are part of the UK’s implementation of the Fifth Money Laundering Directive (5MLD), which extend the scope of the trust register to all UK and some non-UK trusts that are currently open, whether or not the trust has to pay any tax, but with some specific exclusions. https://www.gov.uk/guidance/trust-registration-extension-an-overview

The information held on the TRS is not available to the public, but will be available to organisations and persons involved in preventative work in the field of anti-money laundering. Counter terrorist financing and associated offences can request access to details on the register about the people associated with a trust. The information will only be released on request in certain limited circumstances. All information provided to HMRC will remain on the register until it is updated by the trustee (or their agent). When a trust is closed information will be retained for 10 years before no longer forming part of the TRS.

Important Dates

• Non-taxable trusts in existence on 6 October 2020 must be registered by 1 September 2022.
• Non-taxable trusts created after 6 October 2020 must be registered by 1 September 2022 or within 90 days of creation; whichever is later. 
• Any changes to the trust details or beneficial ownership must be notified within 90 days of the change and you must declare the trust is up to date on an annual basis by 31 January.

Required Trusts

All UK Express Trusts which are not excluded are required to register. Click the link to our flow chart which lists the vast majority of Trusts and confirms whether or not they are required to register. TRS-Flow-Chart. HMRC may inforce penalties for failure to report a required Trust on the TRS within the advised time-frame so we would recommend taking action as soon as possible.

We can register for you

If you would like NQP to register on your behalf as your agent please get in touch.

Phone Number: +44 (0) 20 7430 7150

Email: trusts@nqpltd.com