Trust Registration Service (UK)

by | May 11, 2023 | Gibraltar, Offshore Companies


The requirement for certain trusts to register on the Trust Registration Service (“TRS”) and provide specific information to HM Revenue & Customs (“HMRC”) was originally introduced in June 2017 with the UK’s adoption of the Fourth EU Anti-Money Laundering Directive. 

However, the extension of the TRS in September 2021 now means that, subject to limited exceptions, existing and newly established UK trusts, as well as some non-UK trusts, irrespective of whether they have a UK tax liability, have been required to register from 1 September 2022.

Registration is irrespective of whether a trust has previously submitted Self Assessment Tax Returns and paid tax to HMRC. There is also a requirement to keep the TRS up to date and notify HMRC of any changes to a trust’s details or circumstances.

Offshore trusts must be registered if they have at least one UK resident trustee. This also applies to non-UK registered trusts that acquire land or property in the UK. Trusts already registered in another EU Member State are automatically exempt from registering on the TRS.   

HMRC will charge penalties should the trustees fail to register a trust on time or do not keep the TRS up to date.

The tax advisors we work with can assist trustees in meeting their obligations under the TRS and ensure that the required trust details are registered.  Our fee for dealing with the TRS will be determined on a case by case basis given that registration requires details of all trustees, all beneficiaries and details of assets held within the trust including valuations.  We do have a minimum fee for the TRS services which is £350 plus VAT (where applicable) for each registration.

Attached is a schedule detailing the information required in order for registration on the TRS to be completed.

It should be noted that an estate of a deceased individual will also be required to register on the TRS if the deceased’s personal representatives need to complete a Self Assessment Trust & Estate tax return for the period of administration. This is the time between the day after the individual’s death and the date that the estate is settled or distributed to the beneficiaries.

We work with tax advisors who can assist with this process. Please contact us if you would like any further information.

By Phil Cartwright