Tax Planning: Do you need to register with the Trust Registration Service (TRS) ?

What is TRS?

The Trust Registration Service (TRS) is a digital platform whereby certain trusts need to be registered via HMRC’s online system. The main aim of the registration system is to prevent criminals from using Trusts as a way to convict crimes such as money laundering within the legal sector.

Deadlines

o Non-taxable trusts in existence on or after 6 October 2020 must be registered by 1 September 2022.
o Non-taxable trusts created after September 2022 must be registered within 90 days.
o Changes to the trust details or circumstances must be registered within 90 days of the change.

Who is responsible?

The legal responsibility to ensure that the Trust has been registered falls to the Trustees. The registration service requires a Lead Trustee to be appointed as the “main contact” for each particular Trust. Alternatively, it is possible for Trustees to appoint an agent to complete the registration on their behalf. For more details, please contact one of our specialist team members.

Will I have to register more than one Trust?

HMRC have issued guidelines that suggest there are separate “Trust vehicles”. Essentially, if the Legal and Beneficial owners of a property differ then that Trust becomes registerable for TRS purposes within 90 days and until such time as the Title is updated. Additionally, an individual may have an express Trust within their Will which also falls into the definition of a registerable Trust. In these circumstances, there will be two registrations that are “caught” within HMRC’s TRS guidelines. It is becoming increasingly common for there to be more than one TRS registration.

How can we help?

HRMC are regularly amending their requirements and trustees should always refer to the current HMRC guidance in the HMRC TRS manual or contact the TRS helpline for further assistance and TRS queries.

At Thatcher + Hallam, we offer a fixed fee of £595.00 – £920.00 plus VAT to complete the registration process. One of our Trust team members will guide you throughout the process and provide detailed instructions at each step. We also pride ourselves with our availability to meet with our clients within the office to complete the Government Gateway and authorisation process together. This helps to streamline the process and particularly benefits those clients who are not digitally confident.

If you would like to meet with one of our specialists to discuss your situation and options please contact us today to make a free no obligation appointment either through our website or by calling us on 01761 414646.