Trust Registration Service opens for non-taxable trusts

Trust Registration Service opens for non-taxable trusts

Since 2017, any UK trust that pays income tax, capital gains tax, inheritance tax, or stamp taxes must register with the Trust Registration Service (TRS).

HM Revenue & Customs (HMRC) opened the TRS on 1 September 2021 for non-taxable trusts.

You must register:

  • Non-taxable trusts in existence on or after 6 October 2020 by the 1 September 2022
  • Non-taxable trusts created after 1 September 2022 within 90 days
  • Any changes to the trust’s details or circumstances within 90 days

The online service provides trustees and agents of complex estates to comply with their obligations under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.

As non-taxable trusts register for the first time, the requirements for existing taxable trusts are changing. Non-taxable trusts must supply details of the residency and nationality of their beneficial owners and any information of any controlling interests in non-UK, non-EEA companies. Taxable trusts must do the same.

Details of trusts that need to be registered and those excluded are found on the Government website and additional technical information in the TRS Manual.

Tim Cook has extensive experience dealing with estates and trusts. If you need assistance with your compliance obligations, we can help.

Get in touch with us if you have any questions or would like further guidance with the UK Trust Registration Service process.

Tim Cook
Partner at Wilder Coe
Tim’s passion lies in helping his clients maximise their wealth through successful tax planning for the future. Whether you are seeking a solution on the most efficient way to implement your inheritance plans or would simply like some plain-English advice on your tax liabilities, Tim is expertly placed to offer you a highly professional and personalised service.