HMRC – Trust Registration Service
You may already be aware that there is a new HMRC requirement for most Trusts to be registered via an HMRC online Trust Registration Service (TRS). The change is part of national anti-money laundering regulations, which now covers most Trusts regardless of whether they pay tax or not.
Any Trusts already in existence that require registration need to be registered on the TRS by 1st September 2022 or within 90 days of being set up, whichever is the later.
For each Trust, the Trustees must nominate a ‘Lead Trustee’ who will be responsible for completing and updating the TRS and for any contact with HMRC. We recommend you discuss this with the other Trustees and agree on who will take the lead.
Whilst the Lead Trustee is the person who updates the TRS, all the Trustees have a duty to ensure that the Trust is registered and the TRS is updated with any changes (e.g., Trustees or Beneficiaries), within 90 days.
Trustees can use the online service to view or make changes to their registered Trust. Please be aware that failure to register a Trust or keep the TRS updated may result in a fine from HMRC. In addition, if the Trust is not registered, from September 2022 the Trustees may not be able to deal with any financial institution without showing a proof of registration.
If your Trust has any connections to other jurisdictions with similar requirements in place (for example where one or more Trustees live in an EU member state), you may need to register there too, and you should seek advice from a local tax specialist in that jurisdiction.
The Lead Trustee must register your Trust(s) online here and will need to set up a Government Gateway Organisation ID for each Trust they register. The Lead Trustee will need the details of each Trust to to complete the registration process, this can be found in the Trust Documents or by contacting Abbeygate Wealth Management. St James’s Place have provided a checklist to help gather the necessary information – see links below.
It is important that once you have completed the registration process and have your Unique Reference Number(s) (URN), you provide Abbeygate Wealth Management with a copy of the details.
For further help and information regarding the Trust Registration process please take a look at the following documents. There are also some hints and tips based on client feedback from those who have already completed their registration:
- Trust Registration Service FAQs
- Trust Registration Service – How to Guide
- Trust Registration Service Checklist to ensure you have all the information to hand
- Trust Registration Video
If you have any questions about registering your Trust(s), please do not hesitate to contact the office on 01284 703422.