New rules mean all UK express trusts – no matter whether they pay UK tax – need to be registered with the TRS, unless they are specifically excluded. The new rules apply to any trusts that have been active on or after 6 October 2020, even if they’ve ended since that time.
It’s the trustee’s responsibility to make sure they’ve registered the trusts. This material covers the registration requirements for UK express trusts but there are also new rules for non-UK express trusts. You can find more details about these on the government website.
The trust needs to be registered online. Although all trustees are legally responsible for the trust, they must choose a lead trustee to be a main point of contact for HMRC. They could also authorise an agent to register the trust on their behalf. As part of the process, the lead trustee will need to give details of:
- The trust
- The settlor
- All trustees
- Any beneficiaries
Trusts need to be a registered with the TRS by 1 September 2022 or within 90 days of them being created, whichever happens last.
