Trust Registration

New HMRC requirement to register your Trust

According to HMRCs new rules there is now a new requirement for most Trusts to be registered via an HMRC Trust Registration Service (TRS).

According to HMRCs new rules there is now a new requirement for most Trusts to be registered via an HMRC Trust Registration Service (TRS).

The change is part of anti-money laundering regulations, which now covers most Trusts regardless of whether they pay tax or not.

For each Trust, the Trustees must nominate a ‘Lead Trustee’. The Lead Trustee will be responsible for completing and updating the TRS and for any contact with HMRC.

The Lead Trustee must register your Trust and will need to set up a Government Gateway Organization ID for each Trust they register.

The Lead Trustee will need some information about the Trust to register.

Your Trust will need to be registered on the TRS by 1st September 2022. Any changes to the Trust must also be recorded on the TRS.

All Trustees have a duty to ensure that the Trust is registered and the TRS is updated with any changes (e.g. Trustee or Beneficiary changes), generally within 90 days.

Failure to register a Trust or keep the TRS updated may result in a fine from HMRC. In addition, if the Trust is not registered, from September 2022 the Trustees may not be able to deal with any financial institution without showing a proof of registration.

We are happy to carry out this work on your behalf.

If you require assistance, please do not hesitate to contact us on 020 8340 3102 or email info@hillmanlegal.co.uk