Since 6 October 2020, all existing and new express UK trusts have been required to be registered with HMRC unless there is a legitimate reason for exclusion. The rules around trust registration frequently change, which means it is crucial to stay up to date with the latest guidelines to ensure compliance.
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We have the expertise to look at your position and review HMRC’s TRS guidance to establish whether you need to register.
Clients often want to make changes to their trust over the years, though changes need to be discussed and actioned following a formal process.
HMRC demands that important information regarding your trust is processed by a certain deadline – if not, you could risk penalties for non-compliance.
If you’re unsure about how different trust structures work or the legal requirements involved, get in touch with our friendly team for a consultation today.
We can help you manage the complexity of the Trust Registration Service and make sure you always stay up to date with the latest developments and compliance obligations. Unlike other trust advisers, we provide complete transparency over fees up front and tailor our services to meet your specific needs.
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At Gerald Edelman, we support clients throughout the trust process to find the right structure for them. Our experience dealing with HMRC means we know how to efficiently create and register trusts, giving our clients complete peace of mind that their obligations are being managed by an experienced professional.
Through its Trust Registration Service (TRS), HMRC demands a wide range of details about your trust, the settlor, the trustees and the beneficiaries, all of which must be provided accurately and before a certain deadline. It used to be that registration was only required if your trust was liable for UK tax, such as Income Tax, Capital Gains Tax or Inheritance Tax ; however, the rules now extend to express trusts and more.
It’s worth noting that some types of trusts – such as UK pension schemes and pure protection policies – don’t have to register. You can find a full list of eligible and non-eligible trusts in the HMRC Trust Registration Service Manual.
Many types of trusts are required to be registered with the TRS, including discretionary trusts, bare trusts, discounted gift trusts, loan trusts and express trusts. Our experienced trust advisers can assist if you are unsure about whether your trust needs to be registered.
There are several deadlines regarding registration with the TRS. Trusts created on or after 6 October 2020 must have been registered by 1 September 2022. Trusts created after 1 September 2022 must register with the TRS within 90 days of their creation.
Failure to register your trust within the prescribed deadlines may result in a fine, though the nature of the penalties will depend on the exact circumstances and reasons for non-compliance. If you think you have missed the deadline for TRS registration, then it’s crucial to speak to our team experienced advisers in order to determine your best course of action.
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