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Kirk Rice Blog

Trust Registration Service (TRS) – New LegislationWritten on July 22, 2022 by Kirk Rice LLP

Trust Registration Service (TRS) – New Legislation

In September 2021 new legislation came into effect regarding Trusts. If you are a Trustee, you may need to register the Trust with HMRC before 1 September 2022, under the Trust Registration Service (TRS).

The Trust Registration Service (TRS) was originally introduced in 2017 and certain trusts with a UK tax liability were required to register on the TRS to provide HMRC with specific information. Following registration trustees are required to update the TRS with any changes or confirm there have been no changes on an annual basis.

The TRS has now been extended by HMRC as part of implementing the Fifth Money Laundering Directive which is designed to improve transparency around the beneficial owner of assets held in trust.  Subject to some limitations (which can be found on the link below) all existing UK trusts and some non-UK trusts must be registered on the TRS by 1 September 2022. This requirement to register is irrespective of whether the trust has a UK tax liability.

All trustees are equally legally responsible for the trust, but you must nominate one ‘lead’ trustee to be the main point of contact for HMRC. The lead trustee will be responsible for registering the trust and keeping the TRS up to date.

Click here to view more information  to explain whether a Trust should be registered or not and how to do this.

You may wish to utilise the services of an accountant to register the trust on your behalf. You may also wish to authorise an accountant to be the agent to view or make changes to the trust’s registration in the future. The lead trustee will need to claim the trust by setting up a government gateway and then a digital handshake will be required between the trustee and the firm to enable access to the TRS.

Kirk Rice LLP Private Tax team would be pleased to provide a fee quote for this work if required. If you would like to make a fee enquiry about our Tax Registration Service (TRS) please send an email to info@kirkrice.co.uk.

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Please note: answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made.