It was the case until recently that the requirement to register a trust with the TRS related only to trusts with a UK tax liability (including trusts that are outside the UK but have a UK tax consequence). Tax consequences arise if the trust incurs UK liabilities for income tax, capital gains tax, non-resident capital gains, inheritance tax, stamp duty land tax or stamp duty reserve tax.
An extension of the rules means that all Express Trusts (i.e. a trust created intentionally by an act of the settlor or Will maker rather than one imposed by law) that do not fall into one of HMRCs limited exemptions must now be registered; these include lifetime trusts and Will Trusts.
The TRS provides a single point of access for trustees and their agents to register and update trust records online, replacing the paper Form 41G.
Trustees will also need to confirm the information held on the Trust Register is accurate and up to date annually. This includes those trusts that have already registered with HMRC using Form 41G. If you are the trustee of an existing trust you have until 1st September 2022 to register the trust on the TRS. There may be penalties imposed for late registration/filing.
More information can be found here.
You can either instruct your/an accountant to undertake this task for you or deal with it yourself online here. You will need a Government Gateway online account but you can apply for one using the link on the above page
We offer this service too, the cost of which is £450 plus VAT. If we are instructed to assist before 31st July 2022 there ought to be no difficulty in our helping to register a trust before the 1st September 2022 deadline. We will be able to accept instructions after the 31st July but cannot guarantee that they it be registered before the deadline. Failure to register a trust or update TRS details within the applicable time limits may result in a penalty for which the trustees will be liable.
|cookielawinfo-checkbox-advertisement||1 year||Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .|
|cookielawinfo-checkbox-analytics||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".|
|cookielawinfo-checkbox-functional||11 months||The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".|
|cookielawinfo-checkbox-necessary||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".|
|cookielawinfo-checkbox-others||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.|
|cookielawinfo-checkbox-performance||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".|
|_ga||2 years||The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.|
|_ga_X54Z5K1MMY||2 years||This cookie is installed by Google Analytics.|
|_gat_gtag_UA_162537196_1||1 minute||Set by Google to distinguish users.|
|_gid||1 day||Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.|
|_fbp||3 months||This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.|
|fr||3 months||Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.|