Scope of trust registration service extended by HMRC

HMRC has expanded the trust registration service (TRS) which requires all UK express trusts to register with the scheme by September.

Any trusts set up before 4 June 2022 and now already registered as a taxable trust must be registered with TRS by 1 September 2022. Trusts created on or after 4 June must register within 90 days of setting it up.

The TRS came into effect following the introduction of the EU's fourth money laundering directive. This aims to improve transparency around the beneficiaries and the assets held in trusts with UK tax liabilities.

All UK express trusts and non-UK express trusts will need to register, along with any trust which has assets in the UK receiving income or are liable to these taxes:

  • Income tax
  • Capital gains tax
  • Inheritance tax
  • Stamp duty land tax

If there are any changes of circumstance, or information needs to be updated then you must update the TRS within 90 days of the change taking place.

An express trust created on or after 6 October 2020 must register by 1 September 2022, even if it has closed before this date.

Registration can be completed on the HMRC website.

Ask us about your trusts.

 

The Association of Independent Professionals and the Self Employed