Trust Registration Services for Solicitors and IFAs

As you will be aware, following the recent changes to the online Trust Registration Service (TRS), most existing and new trusts will now need to be registered, this includes trusts created by an individual during lifetime or on death.

The deadline for registration is 1 September 2022 or within 90 days of the date of creation of the trust, whichever is the later. 

Typical express trusts that you may need to review include:

For Solicitors:

  • Trusts holding life policy death benefits for more than 2 years.
  • All pilot trusts set up after 5 October 2020.
  • Pilot trusts set up before 6 October 2020 with £100 or more in.
  • All will trusts that hold assets for longer than 2 years after death.
  • Trusts which hold bank accounts for adult children.
  • Designated accounts set up for others e.g. regular savings plans or lump sum investments.
  • Any trust that does not come into existence because of the operation of law.
  • Bare trusts

Download our Broadcast specifically for Solicitors

For IFA’s:

  • Unapproved pension schemes.
  • Trusts holding life policy death benefits for more than 2 years.
  • Trusts which hold bank accounts for adult children.
  • Designated accounts set up for others e.g. regular savings plans or lump sum investments.
  • Single premium bonds/capital investment bonds.
  • Capital redemption plans.
  • Loan trusts.
  • Discounted gift trusts.
  • Flexible reversionary interest trusts.
  • Life insurance and healthcare policies are subject to certain conditions, excluded from registration during the lifetime of the person assured. The policy must only pay out:
    • on the death, terminal or critical illness or permanent or temporary disablement of the person assured, or
    • to meet the cost of healthcare services provided to the person assured.

However, where a trust holds any other policy not meeting the above conditions or any other no-insurance assets, the exclusion does not apply.

Download our Broadcast specifically for IFAs

These lists are not exhaustive but all the above may now need the trustees to register under the HMRC TRS by 1 September 2022 or appoint an agent to do this as well as subsequent annual reviews.

If the trust needs a Unique Taxpayer Reference (UTR) for Self-Assessment purposes, it must still register to get this.

How we can help

To assist you with this, we have developed an intuitive online questionnaire that is tailored to capture your clients' relevant details depending on their type of trust.

You will simply need to submit answers regarding your clients' trusts and we can then register them on your behalf.

For more information on this service, please contact our Trust Manager at Nunn Hayward, Tim Gurung on 01753 888211 or email tgurung@nhllp.com and he will be able to assist you.