New rules mean that more trusts will need to be registered with HM Revenue & Customs’ (HMRC’s) Trust Registration Service (TRS) from 1 September 2022.
Introduced five years ago, the TRS is intended to make the beneficial ownership of assets held in trust more transparent.
What is changing?
The requirement to register with the TRS will apply not only to trusts with a tax liability but to all trusts.
Do you need to register?
For the vast majority of trusts, the answer will be ‘yes’. There are only limited exemptions.
Some offshore trusts will also need to be registered. HMRC have listed the trusts which are not required to register under the TRS, please see their website for full details.
What does registration involve?
To comply with the registration requirements, trustees will need to input details of the settlor, trustees and beneficiaries into an online portal.
At a minimum, trustees will need to confirm annually that there have been no changes and notify the TRS of any changes within 90 days.
Can you do this for me?
You will need to register in the first instance. However, if you give us access through the TRS system, we can do this for you but we will be acting on your behalf. We can then action Thorne Widgery as an agent to update the TRS annually or when an update is required.
Contact us today if we can support you with this