Trustees are now required to register details of UK trusts with the Trusts Registration Service (‘TRS’) by 1st September 2022.
Taxable trusts (those with an income tax or inheritance tax liability) should have been previously registered with HMRC. Non-taxable trusts (with certain exceptions) will now have to register by 1st September 2022.
Settlors or trustees of any trust created post 6th October 2020 or settlors or trustees of a previously created trust with more than £100 of assets, for example, may need to make sure that the trust is registered with HMRC by the above date.
More information on registering the trust with the TRS as well as a list of those Trusts that are exempt can be found on the HMRC website here.
Under the current Fourth Money Laundering Directive regulations, trustees are now also required to update the data on the TRS, annually, for any changes to the trust (e.g. to trustees, beneficiaries etc.) by 31 January following the end of the tax year in which the change occurred. This is also known as an ‘Annual Declaration’ and aims to keep TRS and HMRC up to date with the trust’s information. If you have any queries or require any assistance on the registration of a Trust please contact our Tax Team on 028 9032 3466.