On September 1, the Trust Registration Service (TRS) finally opened for the registration of non-taxable trusts.
Previously, only trusts that have UK tax to pay had to register for the TRS but all UK express trusts, including non-taxable trusts are now required to register with HMRC, unless they are specifically excluded.
Express trusts are usually created by a written deed and include the majority of trust plans used for estate and inheritance tax planning.
Non-taxable trusts have approximately 12 months to register from the date the Trust Registration Service went live. The TRS Service will ask trustees to register the identity of trust beneficiaries and in certain circumstances, details of the trust assets.
September 2022 may feel like a long way off now, but if you are a trustee of a trust, it is important to consider whether you will need to register. If you need any guidance, please contact us and we would be pleased to help.