Everything You Need To Know About TRS

Everything You Need To Know About TRS

Although the cut-off date has passed, it is still essential that you register your Trust with HMRC.

What is a Trust document? Why do you have to register your Trust document with HMRC? 

If you have yet to register your Trust, and are perhaps unsure where you need to start, SJP hosted an insightful webinar on Tuesday 11th October 20222, detailing everything you need to know about TRS. 

You can watch the full video below:

Do you need help understanding what your Trust document looks like? You can download examples for your convenience below:

There Is Still Time To Register Your Trust

If you would like assistance registering your Trust with HMRC, creating one, or seeking guidance for the future, please speak to a member of our team who will be happy to help. It is vital to note that if a Trust is not registered or updated on the HMRC Trust Registration Service, this could result in a fine from HMRC.

St. James’s Place has created an in-depth video to help you register your Trust. The video shows you step-by-step the process online and lasts around 40 minutes, which you can find by clicking here.

Registering Your Trust

If you have the necessary documents, the lead trustee can register your Trust here. Before registering, the lead trustee will need to gather the following names, dates of birth, residence, and nationality details for all of the following:

  • The name of the Trust.
  • Name of the settlor(s).
  • Name of trustees.
  • Name of beneficiaries.
  • Name of any individual who has control over the trust.

You can read our previous article on what types of Trusts need registering with HMRC, by clicking here.

Trusts are not regulated by the Financial Conduct Authority.