The Trust Registration Service (‘TRS’) has been in existence since 2017. However, following the UK’s implementation of the 5th Anti-Money Laundering Directive, significant changes have been made to the service.
One of the changes introduced by the 5th Anti-Money Laundering Directive is the requirement for all express trusts to be registered on the TRS, subject to certain exemptions. Following this, many more UK trusts, including ones without tax liabilities, will be required to register. In July 2020, the government set the original deadline for this to be March 2022. However, this has now been extended.
HMRC has stated that further time is required to complete the upgrade and redesign of the online TRS system. This is to ensure that the service can cope with the amount of trusts required to be registered. Accordingly, the deadline for registration is now expected to be twelve months after the date of delivery of the re-designed TRS.
If you would like to know more about the TRS, or need help with registering a trust, please contact Elaine Morgan or Alan Taylor.
For more information on the TRS, click here to read Elaine Morgan’s article.