Trust Registration Service

What is the Trust Registration Service?

The Trust Registration Service (TRS) was brought in as part of the anti-money laundering regulations by HMRC. It began in July 2017 at which time only tax paying trusts were required to register. This has now been extended with the TRS now applying to non-taxable trusts. The deadline to register these is now approaching.

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When does a trust need to register?

The deadline to register non-taxable trusts is 1 September 2022 or 90 days of the trust being set up, whichever is later. From 1 September 2022, new non-taxable trusts will require to be registered within 90 days. The deadline to register newly created taxable trusts remains 31 January following the end of the tax year in which they were created.

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Who can register a trust?

It is the responsibility of the trustees to ensure that the TRS is completed and kept up to date and a lead trustee should be appointed as the main point of contact. An accountant or tax advisor can complete and maintain the TRS on behalf of the trustees or the lead trustee can complete using the HMRC online portal. At Henderson Loggie we have a great team dealing with the TRS.

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What information is required to make the registration?

The TRS requires basic details of the trust including:

• the name of the trust
• date created
• the lead trustee
• the settlors
• trustees
• beneficiaries.

We have a form that can be completed online or on paper with all the details required to register to make the process easier. Get in touch with us below and we will send on the form and relevant documents.

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Is there an ongoing requirement after registration

Yes, all updates such as changes in the trustees or the beneficiaries must be notified. Taxable trusts are required to make an annual declaration and must do so even if there are no changes. Non-taxable trusts are only required to notify when there have been changes and must do so within 90 days of the change.

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Will there be a penalty for failure to register or update the TRS?

Yes, HMRC have imposed a penalty regime. A first offence to fail to register or fail to update will not incur a financial penalty unless deliberate. A reminder letter will be sent by HMRC. A subsequent failure will incur a £100 penalty for either failure to register or failure to update.

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Who can access the data on TRS?

The data will be available to law enforcement agencies to assist with countering money laundering, however, to access the data, there will be an application process requiring a legitimate interest.

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How do you get started?

If you would like help to register your trust, please let us know and we will send on the form and relevant documents. Our cost to register is £195 + VAT per trust.

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Our team and contact details