All UK Express Trusts and all Trusts with a tax liability must register with HRMC on the new Trust Registration Service (TRS).
HMRC define an express trust as a trust created deliberately by a settlor, usually in the form of a document such as a written deed or declaration of trust.
There are different deadlines for the registration depending on whether the Trust is taxable or not.
Taxable trusts are required to register by 31 January following end of the tax year in which the Trust had a liability to UK tax. Express Trusts with no tax liability are required to register by 1 September 2022.
Any non-taxable trusts created after 1 September 2022 must be registered within 90 days of creation and any changes to the trust details and or circumstances must be notified within 90 days of the change.
For all trusts required to register, the lead Trustee will need to provide details of the following information:
- The settlor
- The trustees
- The beneficiaries
- The location of the Trust
- Details of any tax liabilities
- Trust assets
Please do get in touch if you would like any further information or would like help with registering your Trust.