Trust Registration Service

Trust Registration Service

Have you registered your Trust?

Did you know that most Trusts need to be registered? 

Although there are circumstances where this is not the case, the purpose of this article is to explain what types of Trusts need to be registered and why.

Read on for further information.

What is the Trust Registration Service?

The UK government introduced the Trust Registration Service (TRS) in 2017 to ensure that people who owned assets held in Trusts paid the correct amount of tax. The Trust register was delivered by the UK Government to improve compliance with anti-money laundering regulations and improve the clarity surrounding national tax liabilities.

Last year new legislation came into effect. This legislation requires trustees in the UK to register their Trust on the HMRC Trust Registration Service before 1st September 2022.

For Trusts created after 1st September 2022, Trustees have 90 days to register.

How to register your Trust

You can register your Trust here. However, before you begin, you must nominate a ‘lead’ trustee who will be responsible for completing and updating the Trust Registration Service and contacting HMRC. 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.

Still uncertain whether you must register your Trust? 

Try our Trust quiz below:

We are here to help:

Whether you would like assistance registering your Trust with HMRC, creating one, or seeking guidance for the future, our Eight Tax and Accountancy Service (ETAS) can complete this registration process for you.  Please note that there will be a cost associated with the service. 

To register for this service, please get in touch by clicking here

Please register your interest in the ETAS service before 1st August 2022. After this date, we cannot guarantee it will be registered with HMRC by the cut-off date.  

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. 

You can find the video by clicking here.