Are you a trustee of a trust or settlement? You may have been asked by a family member or friend to act as a trustee for a trust they set up during their lifetime or that was created by their will or you maybe the trustee of a trust created to hold an investment or insurance policy. These are express trusts and it is likely they will be required to register with HM Revenue & Customs via the Trust Registration Service (TRS).
HMRC introduced the Trust Registration Service (TRS) to comply with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. Initially the requirement to register was only for taxable trusts. Since these regulations were amended, with effect from 6 October 2020, the requirement to register has been extended to all express trusts unless they are specifically excluded.
In addition to the trusts mentioned above express trusts that require registration include designated regular savings plans and investments, discounted gift trusts, single premium bonds and capital redemption bonds that are held in trust, pilot trusts created since 6 October 2020, and some life policies and bare trusts.
The deadline for existing trusts to register is 1 September 2022. New trusts have 90 days from the date of creation to register. The responsibility for registering a trust is that of the trustees but trustees can appoint an agent to register the trust on their behalf.
For more information and to find out how we can help you, please contact us on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be in touch.