Significant changes have been made to the Trust Registration Service (“TRS”) since its introduction in 2017. These have largely been a result of the UK’s implementation of the 5th Anti-Money Laundering Directive. To coincide with these changes, on 17 May 2021, HMRC published its Trust Registration Service Manual.
The dedicated manual provides guidance on the types of trusts that are required to be registered on the TRS. All UK express trusts, and some non-UK express trusts, are required to be registered, unless explicitly excluded from registration as an ‘excluded express trust’. Further, UK and non-UK trusts with a liability to UK taxation are also required to be registered. This is the case even if they are not required to be registered as an express trust.
It is the responsibility of the trustees of registrable taxable trusts and registrable express trusts to keep the information held on the TRS up to date.
For more information on this article, please contact Elaine Morgan and Alan Taylor.