HMRC Trust Registration Service extension to include non – taxable Trusts
The Trust Registration Service (TRS) was introduced in 2017, as a single point of access for Trustees and their agents to register and update their records online.
When first introduced, only Trusts which had a tax consequence were obliged to be registered, but this has now been expanded to include all UK Express Trusts, regardless of whether or not the Trust pays tax.
From 1 September 2021, the TRS has been open for non-taxable Trust registrations and the deadline for registration of non-taxable Trusts is 1 September 2022.
Please note there are still some exceptions to the requirement to Register, for example Pilot Trusts which were set up before 6 October 2020 and which hold no more than £100 and Charitable Trusts do not need to register.
Registration can be done by a Trustee personally or by Simpson Wood Limited as agents and requires a data gathering exercise to collate details of Settlors, Trustees and Beneficiaries, and Trust assets.
If you have any queries regarding the TRS, please contact Nichola McNally.