UK Trust Registration Service - more trusts required to register by 1 September 2022
Trustees (or their agents) have been required to register taxable trusts online with the HMRC UK Trust Registration Service (“TRS”). The TRS is a register of information regarding beneficial owners and potential beneficiaries of relevant trusts.
Prior to 6 October 2020, the TRS only applied to trusts deliberately created by a settlor (i.e. UK or non-UK express trusts) that had a liability to any of the following UK taxes: income tax, capital gains tax, inheritance tax, stamp duty land tax, land and buildings transaction tax (Scotland), land transaction tax (Wales) or stamp duty reserve tax. The TRS also applies to complex taxable estates.
