TRUST REGISTRATION SERVICE (TRS)
What is the Trust Registration Service?
The Trust Registration Service (TRS) is an online platform established HM Revenue & Customs (HMRC) to simplify the registration of trusts.
Under the TRS, trustees are required to provide detailed information about the trust, the Trustees, its assets, and its beneficiaries.
The new rules require virtually all existing Express Trusts and most new UK Trusts to be registered with TRS by 1 September 2022. New Trusts created from 1 September 2022 must be registered within 90 days and any changes to Trust details must be registered within 90 days of the change.
Failure to register a trust or keep the information up-to-date can result in significant penalties. These penalties can include fines of up to £5,000 if HMRC suspects deliberate non-compliance.
Common Types of Trusts
If you are wondering whether this applies to you, a list of some of the common types of Trusts that will require registration is set out below:-
- A Will containing a Life Interest Property Trust (leaving someone the right to reside in your share of a property after your death)
- A Will containing a Discretionary Trust (e.g. to protect funds due to a vulnerable person)
- A Will leaving a specific sum of money to a minor to be held in Trust until they reach a certain age.
- Investments in Trust
How Barwells can help
If Barwells were to assist, we would require various information that must be submitted to HMRC, including:-
- The name, date of establishment, and country of residence of the trust.
- Details of the trustees and beneficiaries, including their full names, addresses, dates of birth, and national insurance numbers (or equivalent for non-residents).
- A description of the trust’s assets, including real estate and financial holdings.
- Information about the settlor (the person who established the trust) and any persons with significant control over the trust.
Once we have collated this information, we would be able to register the Trust on the Trustee’s behalf. When the Trust has been Registered, Barwells would then be able to assist with keeping the information provided in the TRS up-to-date. Any changes in the trust’s details, such as a change in trustees, beneficiaries, or assets, must be reported promptly to remain compliant.
If you believe you could be the Trustee of a Trust that requires registration, give Barwells a call on 01323 814010. We would be happy to set up an appointment with one of our Private Client Practitioners to establish whether Registration is required and if so, how we can assist with the registration process.
By George Humphreys – Senior Legal Assistant: Wills, Trusts & Probate
