What is the Trust Registration Service?
The Majority of UK trusts need to be registered with HMRC by using the Trust Registration Service (TRS), even if the trust is not liable for UK taxes (unless in certain circumstances). The Trust Registration Service is a register of those with beneficial ownership in trusts in the UK.
Who is responsible for the registration of a trust?
The trustee of the trust is responsible for registering the trust with the TRS. If the trustee has a tax agent or adviser, they can register the trust on their behalf. A trustee is someone who is responsible for the assets that are held within the trust.
A trust must be registered with HMRC to ensure that you are complying with anti-money laundering legislation. Trusts that are liable to pay tax must be registered along with most other trusts.
When do I need to register my trust?
The deadline for registering your trust is on or before 1st September 2022 if the trust is non-taxable and was created on or before 6th October 2020.
If the trust was created after 6th October 2020, you must register with the TRS either within 90 days of the trust being created, when you became liable for tax, or on or before 1st September 2022, whichever is later.
Taxable trusts that were created on or after 6th April 2021 must have been registered either within 90 days of the trust becoming liable for tax, or on or before 1st September 2022, whichever is later.
Trusts that are liable for Income Tax or Capital Gains Tax for the first time must be registered on or before 5th October in the following tax year. For example, if the trust became liable for Income Tax in May 2021, you will need to register the trust on 5th October 2022.
Trusts that have been liable for tax previously must be registered before 31st January in the tax year after.
What forms do I need to register my trust?
You will need to apply online to register your trust through the Government Gateway.
In order to register you will need the following information:
- The name of the trust
- The date the trust was created
- Confirmation of whether the trust is an express trust or not
- If the trust is not a UK trust, confirmation of whether the trust has a business relationship in the UK
- Confirmation of land or property the trust owns
It is worth noting that depending on the structure of the trust different documents may be required. You should check which documents are needed for your situation before registering.
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