The Trust Registration Service (TRS) is a register of the beneficial ownership of trusts. It was set up in 2017 as part of an EU anti-money laundering directive, and to satisfy the requirements of The Money Laundering and Terrorist Financing (Amendment) Regulations 2019. All UK express trusts liable to pay UK tax are required to register. Each EU member state has a similar register, and the UK agreed to maintain the TRS as part of the Brexit Withdrawal Agreement.
New rules came into force in October 2020 that require all UK trusts, apart from a few exceptions (see below), and some non-UK trusts in existence on or after 6 October 2020, to register with HMRC by 1 September 2022, including trusts that have closed since that date.
Previously, only trusts that paid certain taxes were required to register with the TRS. The new rules have widened the TRS to all UK trusts including ones not liable to tax unless the trust is specifically excluded.
The data on TRS is only available to those with a ‘legitimate interest’, such as law enforcement agencies investigating money laundering and the financing of terrorist activities. HMRC can refuse access where there is a disproportionate risk of exposing the beneficial owner for example to fraud, blackmail, or intimidation
The deadline and timescales for the registration of existing or new trusts are:
Non-taxable trusts in existence on or after 6 October 2020 must be registered by 1 September 2022 (even if they are now closed).
Non-taxable trusts created after September 2022 must be registered within 90 days.
Changes to the trust details or circumstances must be registered within 90 days of the change.
Personal representatives (the person(s) responsible for managing the deceased’s estate) need to register with HMRC by 5 October after the tax year when the estate starts to receive income or has chargeable gains on which tax is payable if the estate is classed as complex and/or been administered for over two years.
The registration deadline for taxable relevant trusts set up before 6 April 2021 is on or before 31 January after the tax year in which the tax liability occurred (or by 5 October after the end of the tax year for a first-time liability to Income Tax or Capital Gains Tax).
For trusts set up after 5 April 2021 the deadline has been extended to 1 September 2022. Taxable relevant trusts set up on or after 4 June 2022 must be registered within 90 days of the trustees becoming liable to pay UK taxes. This also applies to non-taxable trusts. Once a trust is registered on the TRS the trustees will have 90 days from becoming aware of any changes to update the register.
Legal responsibility for registration falls on the trustees, and it is a matter for trustees to decide and appoint a lead trustee to do this. Alternatively, trustees can appoint an agent, such as Florins or a solicitor, to register the trust.
The trustees are required to keep accurate and up-to-date written records of the beneficial owners, including settlors (the persons who established the trust), trustees, and beneficiaries. The lead trustee is also obliged to keep the register updated each year or when certain specific events occur. HMRC may impose penalties and fines for non-compliance on trustees who fail to comply with the registration requirements.
The full list of trusts not required to register can be found on the GOV.UK website, but the main exclusions are will-trusts that are wound up within two years of death and existing trusts with a value of less than £100 created prior to 6 October 2020 (for example, pilot trusts)
Florins Pensions & Investments Ltd is authorised and regulated by the Financial Conduct Authority.
Florins Pensions & Investments Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 512554
If you wish to register a complaint, please write to or telephone (01507) 304222. A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
The lead trustee can register the trust on GOV.UK, however it may be beneficial to appoint an experienced trust administrator specifically trained to gather the information required to complete the TRS process and register the trust on behalf of the trustees. Trustees should bear in mind there will be a cost for this.
The register must be updated if the trust becomes liable to Income Tax trust or Capital Gains Tax, or if there are any changes to trustees’, beneficiaries’ or settlors’ details.
Changes must be recorded on TRS within 90 days to avoid fines and penalties.
Trustees must register ‘complex estates’ on the TRS, which are an estate where:
the total tax liability (income tax plus capital gains) for the entire administration period exceeds £10,000
the probate gross value exceeds £2.5 million
the value of the assets sold by the personal representative in any one tax year exceeds £500,000
Estates where the administration has continued for more than two years also need to be registered on the TRS. In estates where there are underlying trusts, the dates for registration will vary.
Details of the register will only be released in certain circumstances to those with a ‘legitimate interest’, such as law enforcement agencies where there is evidence of money laundering or terrorist financing activity.
Beneficiary information will not be disclosed if there is a risk of fraud, kidnapping, blackmail, extortion, harassment, violence, or intimidation, or where a beneficiary is a minor, or otherwise legally incapable.
Third parties will be required to have formal confirmation that the trust is registered and up to date on TRS before they can act for the trustees. For example, if the trustees wish to sell a trust property the estate agent and conveyancer will need to see evidence in the form of a certificate downloaded from the register.
From a will writing/legal perspective, the relevant Florins services are:-
Property Protection Trusts (PPTs) - these will need to be registered post-death
Flexible Life Interest Trusts (FLITs) - these will need to be registered post-death
All types of discretionary trust (DT, DDT, etc.) - these will need to be registered post-death
Lifetime or Family Trusts – these will need to be registered during lifetime
From a probate perspective, this will vary case by case depending on the length of time taken to administer the estate and the complexity of the estate.
Our probate team will advise where relevant as to whether an estate will need to be registered or not.
Florins can register a trust on behalf of the trustees if professional support is required. The cost for this service is £180 plus VAT.
Florins Pensions & Investments Ltd is authorised and regulated by the Financial Conduct Authority.
Florins Pensions & Investments Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 512554
Licensed by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate in England and Wales
If you wish to register a complaint, please write to or telephone 01507 304222. A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at financial-ombudsman.org.uk or by contacting them on 0800 023 4 567. If you cannot settle your Probate complaint with us, you may be entitled to refer it to the Legal Ombudsman at legalombudsman.org.uk or by calling 0300 555 0333.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
