HMRC Trust Registration Service extension to include non – taxable Trusts

    Nichola McNally
    5th October 2021
    Home » Blog Posts » HMRC Trust Registration Service extension to include non – taxable Trusts

    The Trust Registration Service (TRS) was introduced in 2017, as a single point of access for Trustees and their agents to register and update their records online.

    When first introduced, only Trusts which had a tax consequence were obliged to be registered, but this has now been expanded to include all UK Express Trusts, regardless of whether or not the Trust pays tax.

    From 1 September 2021, the TRS has been open for non-taxable Trust registrations and the deadline for registration of non-taxable Trusts is 1 September 2022.

     

    Please note there are still some exceptions to the requirement to Register, for example Pilot Trusts which were set up before 6 October 2020 and which hold no more than £100 and Charitable Trusts do not need to register.

     

    Registration can be done by a Trustee personally or by Simpson Wood Limited as agents and requires a data gathering exercise to collate details of Settlors, Trustees and Beneficiaries, and Trust assets.

     

    If you have any queries regarding the TRS, please contact Nichola McNally.

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