jdhsolicitors
jdhsolicitors

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 anti-money laundering directive aimed at combatting money laundering, serious crime, and terrorist financing, and to satisfy the requirements of The Money Laundering and Terrorist Financing (Amendment) Regulations 2019. All UK express trusts liable to pay UK tax were required to register. Each EU member state has a similar register, and the UK agreed to maintain the TRS as part of the Brexit Withdrawal Agreement.

New rules came into force in October 2020 that require all UK trusts, apart from a few exceptions (see below), and some non-UK trusts in existence on or after 6 October 2020, to register with HMRC by 1 September 2022, including trusts that have closed since that date.

Previously, only trusts that paid certain taxes were required to register with the TRS. The new rules have widened the TRS to all UK trusts including ones not liable to tax unless the trust is specifically excluded.

The data on TRS is only available to those with a ‘legitimate interest’, such as law enforcement agencies investigating money laundering and the financing of terrorist activities. HMRC can refuse access where there is a disproportionate risk of exposing the beneficial owner for example to fraud, blackmail, or intimidation.

What are the deadlines for trust registration and updating the TRS?

The deadline and timescales for the registration of existing or new trusts are:

  • Non-taxable trusts in existence on or after 6 October 2020 must be registered by 1 September 2022 (even if they are now closed).
  • Non-taxable trusts created after September 2022 must be registered within 90 days.
  • Changes to the trust details or circumstances must be registered within 90 days of the change.
  • Personal representatives (the person(s) responsible for managing the deceased’s estate) need to register with HMRC by 5 October after the tax year when the estate starts to receive income or has chargeable gains on which tax is payable if the estate is classed as complex and/or been administered for over two years.
  • The registration deadline for taxable relevant trusts set up before 6 April 2021 is on or before 31 January after the tax year in which the tax liability occurred (or by 5 October after the end of the tax year for a first-time liability to Income Tax or Capital Gains Tax).
  • For trusts set up after 5 April 2021 the deadline has been extended to 1 September 2022. Taxable relevant trusts set up on or after 4 June 2022 must be registered within 90 days of the trustees becoming liable to pay UK taxes. This also applies to non-taxable trusts. Once a trust is registered on the TRS the trustees will have 90 days from becoming aware of any changes to update the register.

Protect your assets and ensure peace of mind with our expert Trust Registration Service.

JDH Solicitors Ltd is committed to providing you with the legal guidance and support you need to safeguard your assets and plan for the future. Our Trust Registration Service streamlines the process of establishing a trust, ensuring your wishes are met and your loved ones are cared for.

Benefits of Using Our Trust Registration Service:

  • Peace of mind: Knowing your assets are protected and will be distributed according to your wishes.
  • Tax efficiency: Trusts can offer potential tax benefits for your estate.
  • Reduced probate fees: Trusts can help avoid the cost and complexity of probate.
  • Confidentiality: Trusts can be a discreet way to manage your assets.

Don’t delay, take action today!

  • Call us now to speak with a member of our experienced team on 01902283114.
  • Request a free consultation to discuss your specific needs.

JDH Solicitors Ltd – Your Trusted Partner in Trust Registration

Let us guide you through the process and ensure your legacy is protected.

To top