What is the Trust Register?
The Trust Register was introduced in June 2017 following adoption of the Fourth Anti-Money Laundering Directive, to improve transparency around the beneficial ownership of assets held in trusts with trustees required to provide details of the trust itself (including its tax residence status and the assets it holds).
What has changed with the rules?
As announced by the Government, from 6 October 2020 as part of the implementation of the Fifth Money Laundering Directive (5MLD), the Trusts Registration Service (TRS) registration requirements have been extended to all UK and some non-UK trusts that are currently open, whether or not the trust has to pay any tax, but with some specific exclusions.
The online registration for these new trusts opened on 1 September 2021. Trustees can now register trust details via the Government website, GOV.UK.
- If the trust under your control was in existence on or after 6 October 2020, then you had until 1 September 2022 to register.
- If a UK, or non-UK, trust triggers an obligation to enrol on the Trust Register on or after 3 June 2022, the deadline is 90 days from the event that triggered the obligation. This rule still applies even if this is later than 1 September 2022.
- Please note that additionally, should any change of circumstances occur, the trustee will have 90 days from that date to update any relevant information on the Trust Register.
Trusts liable to pay:
A trust must register using the Trust Registration Service (TRS) if the trust is liable to pay any of the following taxes:
- Capital Gains Tax.
- Income Tax.
- Inheritance Tax.
- Stamp Duty Land Tax.
- Stamp Duty Reserve Tax.
- Land and Buildings Transaction Tax (in Scotland).
- Land Transaction Tax (in Wales).
Trusts that need to be registered
- All UK express trusts, unless they are specifically excluded.
- Non-UK express trusts that:
- Acquire land or property in the UK.
- Have at least one trustee resident in the UK and enter into a ‘business relationship’ within the UK.
If the trust needs a Unique Taxpayer Reference (UTR) for Self-Assessment purposes, it must still register to get this.
We Can Help
We can assist you to understand the likely obligations under these new and sometimes complex rules.
If you would like help with your UK Trust Registration process, we would be delighted to help.
We have developed a simple and intuitive online questionnaire that allows you to enter your trust details (the questions are tailored to all trusts depending on the questions that you answer). Once you have submitted your responses online, we will register the trust on your behalf with HMRC. Let us do the hard work for you.
Please contact us to speak to a member of our dedicated tax team, please call us on 01753 888211 or email email@example.com
FOR MORE INFORMATION - DOWNLOAD OUR TRUST REGISTRATION BROADCAST HERE