The extension of the Trust Registration Service (TRS) in September 2021 now means that all existing UK trusts and some non-UK trusts, irrespective of whether the trust has a UK tax liability, are required to register with HMRC by the 1st September 2022 (subject to limited exceptions). 

The Trust Register was introduced to provide greater transparency around the ownership of Trust assets and individuals connected with trusts.

As part of the registration for the TRS, trustees provide details relating to the trust, including the identity of the trustees, beneficial owners and trust assets. They are also required to keep the information up to date and confirm annually that there have been no changes.

What do you need to do…

All UK trusts and some non-UK trusts, irrespective of whether the trust has a UK tax liability, are now required to register by the 1st September 2022.

Trusts with no relevant UK tax liability in existence on or before the 6th October 2020 must register before the 1st September 2022.

Trusts created after the 6th October 2020 must register within 90 days of being created or by the 1st September 2022, whichever is later.

The Trust Register must be updated within 90 days of any changes to the trust details or beneficial ownership.  Where the trust is taxable, the trustees must also declare on their Self-Assessment tax return that the Trust Register is up to date.

To avoid penalties, it is imperative that trustees review their position to assess their registration obligations in relation to registering and updating the Trust Register.  The Tax Team at KJG can assist Trustees with reviewing their reporting obligations.

Anyone who thinks they may need to register their trust with HMRC should confirm their position as soon as possible – our team of experts are happy to have an initial call with trustees, beneficiaries or other advisors.

For any support or advice, please contact James Pope, KJG Tax Manager or call 0161 832 6221.

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