Guidance for Trustees – HMRC Registration of your Trust
What is the Trust Registration Services?
The Trust Registration Service (TRS) is a new service that provides a single online route for trusts and complex estates to comply with their registration obligations. Trustees of UK trusts are required to register the trust with HMRC through the TRS.
Which trusts need to register?
The scope of the TRS has been widened by the Fifth Money Laundering Directive (5MLD) to include all trusts not just those with a tax liability, with only minor exceptions.
Who is responsible for registration?
The legal responsibility for registration lies with the trustees. Where there are multiple trustees, it is a matter for the trustees to decide to appoint a lead trustee to complete the registration process. All trustees are equally legally responsible for the trust, and therefore the nominated ‘lead’ trustee is simply the main point of contact for HMRC. If, for example, there are four trustees, this would be recorded as one lead trustee and three additional trustees.
When do Trustees need to complete and submit the registration?
HMRC have now completed the required upgrades to the TRS to allow registration of all trusts. All trusts currently in existence must be registered by 1st September 2022. For all new trusts there is a 90-day registration window in which the trustees must ensure the trust is registered or face a penalty.
How does a Trustee access the TRS?
Trustees will be able to register their trust with HMRC using a secure online service through the GOV.UK website.
What happens then?
It is the responsibility of the trustees to ensure that the information held on the register is kept accurate and up to date. Trustees will have 90 days from the date they become aware of any changes to ensure the register is updated.
If you need help with the registration of your trust, the trustees can contact Will Management Services who will assist them in complying with HMRC requirements. The trustees will still be responsible for all other aspects of the trust, such as making any distribution decisions using their discretionary powers, but safe in the knowledge that the requirements of the TRS are being managed for them.
30 November 2021
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