Trust Registration Service

The Trust Register legislation was enacted on 26 June 2017 and initially required all trusts with a UK tax liability to register via the Trust Registration Service (TRS). It has since been the primary method of notifying HMRC of the existence of a trust.

Further legislation was introduced on 6 October 2020 extending the scope to all UK Trusts and some non-UK Trusts, subject to some exemptions. This of course makes the legislation far wider in its reach and potentially catches less obvious trust arrangements, such as where financial products are written into trust or assets are left in trust on a person’s death.

We consider below the following aspects of the Registration Service.
1. Who needs to register?
2. Are there any exclusions to registration?
3. Are there penalties for failing to register?
4. Table of registration deadline