The Trust Registration Service (TRS) is a register of the beneficial ownership of trusts. The TRS was introduced in 2017 as part of an EU anti-money laundering directive. Initially the registration requirements were limited to trusts with UK tax liabilities e.g. income tax, capital gains tax, inheritance tax, stamp duty land tax or stamp duty reserve tax.
In 2020, the TRS was extended to include non-taxable UK trusts and taxable offshore trusts. The exclusions from registration, which are very limited, can be found on this Government webpage.
Registration deadlines are approaching
- Trusts created prior to 6 April 2021 are required to register by 1 September 2022
- Trusts created after 6 April 2021 are required to register within 90 days of becoming liable to UK tax or, if later, 1 September 2022
The information broadly required for registration
- Title and date of the trust
- Residence status of the trustees (offshore trusts need to supply the residence status of the settlor)
- Identity information in respect of each of the beneficial owners of the trust together with details of the nature and extent of their beneficial ownership
- Details of the assets settled (non-taxable trusts do not need to supply this information)
- Details about any UK land or property acquired by the trust since 6 October 2020
The above list is not exhaustive; the information required varies depending on the residence and tax status of the trust.
How we can help
Our trust & estates team can help you navigate the TRS and can assist you with your reporting obligations. If you would like to know more then please get in touch with your usual BKL contact or use our enquiry form.
We are also happy to give guidance to professional trustees and independent financial advisers (IFAs).