Frequently Asked Questions on the Trust Registration Service (TRS)
The Trust Registration Service (TRS) is a register of the beneficial ownership of trusts. As first set up in 2017, trustees were required to register on TRS only if the trust was liable to pay certain taxes. However, new rules introduced on 6 October 2020 extended the scope of the trust register to UK and some non-UK trusts, with some specific exclusions, regardless of whether or not the trust is liable to pay any tax.
What has to to be registered?
- Taxable and non-taxable trusts unless exempt.
- Any property where the legal owners at the Land Registry are different to beneficial owners (other than differing proportions)
- Complex estates
What doesn’t have to be registered?
Trusts excluded from the requirement to register, include:
- Pension schemes
- Charitable trusts
- Will trusts that are wound up within two years of death
- Policy trusts paying out only on death or critical illness
- Existing trusts with a value of less than £100 created prior to 6 October 2020
- Trusts where the trustees and beneficiaries are the same individuals
There are other limited exclusions. If you are unsure whether any exclusions apply to your position, we would be able to assist you with this.
When do they have to register by?
|Non-taxable trusts in existence on or after 6 October 2020||1 September 2022|
|Non-taxable trusts created after September 2022||90 days following registration|
|Changes to the trust details or circumstances||90 days of the change|
|Taxable trusts set up after 5 April 2021||1 September 2022|
|Taxable trusts set up on or after 4 June 2022||90 days of the trustees becoming liable to pay UK taxes|
|Complex estates||5 October after the tax year when the estate starts to receive income or has chargeable gains on which tax is payable|
What information is required to register these trusts?
Trustees must enter details about:
- The lead-trustee
- The co-trustees
- The settlor
- The beneficiaries
If you are an existing client of ours, we may have much of this information already. In this case, we would initially only require the trust deed.
Who can access the Trusts Register?
This is only available to people with a ‘legitimate interest’, such as law enforcement agencies investigating money laundering and the financing of terrorist activities.
Who do you need to tell that the trust is registered with the TRS?
Third parties are required to have formal confirmation that the trust is registered and up to date on TRS before they can act for you. For example, if you wish to sell a trust property the estate agent and conveyancer will need to see evidence in the form of a certificate downloaded from the register.