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Changes to HMRC’s Trust Registration Service – do the new rules apply to you?

18 August 2022 in Wealth planning

New legislation has come into force which requires the majority of UK-resident trusts to be registered with the Trust Registration Service by 1 September 2022. If you are a trustee, you may need to register the trust you act for with HM Revenue & Customs (HMRC) using the government’s online Trust Registration Service.

What is the Trust Registration Service?

The Trust Registration Service (TRS) is a register of the beneficial ownership of trusts. It was set up in 2017 as part of an EU directive that aimed to reduce the risk of trusts being used as vehicles for money laundering. All taxable trusts were required to register on the TRS, where their information would be accessible to HMRC and other law enforcement agencies.

How has the TRS legislation changed?

While only taxable trusts were required to register before, the new legislation that has now come into force extends the scope of the TRS. This legislation requires the majority of non-taxable UK-resident trusts and some non-UK trusts that were in existence on or after 6 October 2020 to be registered on the TRS by 1 September 2022. This includes trusts that were in existence on or after 6 October 2020 which have since been dissolved.

Trusts created after 1 September 2022 must be registered within 90 days.

Do you need to register a trust?

The deadline for affected trustees to register their trusts on the TRS is 1 September 2022. You can find the full list of trusts that need to be registered here.

If you think you might need to register a trust, you may wish to consult PIMFA’s Guide for Trustees, which outlines what you need to know, and how to register.

The information contained herein is based on materials and sources deemed to be reliable; however, Canaccord Genuity Wealth Management makes no representation or warranty, either express or implied, to the accuracy, completeness or reliability of this information and it does not constitute legal or tax advice and must not be taken as such.

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Investment involves risk and is not suitable for everyone.