HMRC’s penalties for failure to register or maintain a trust on the TRS

Our blog published in October 2022 provided details of HMRC’s penalties that they may levy against trustees who either fail to register a trust requiring registration on the Trust Registration Service (TRS) or who fail to maintain the trust’s details on the Trust Register once the trust has been registered. New guidance HMRC has now provided some further guidance around when a penalty may be issued and what to do should a penalty notice be Read more…

trust register

Keeping your trust’s details up to date on the Trust Register

It is incredibly important to keep your trust register details up-to-date with HMRC It is important that trustees ensure that the details of their trust(s) held on the Trust Register are regularly reviewed and kept up to date. Any changes to the registered details must be updated within 90 days of the date of the change to avoid potential enforcement action by HMRC which could, potentially, result in the trustees being fined up to £5,000 Read more…

HMRC 2 factor authentication

HMRC adds 2 factor authentication to government gateway accounts

HMRC has added 2 factor authentication to government gateway accounts for extra security It seems that, at the start of October 2022,  HMRC has added 2 factor authentication to government gateway accounts. When logging into to a government gateway account, for example to review or notify changes to details of a trust held on the Trust Register or to change the details used to set up the government gateway account, you may be asked for Read more…

trust registration deadline

The trust registration deadline of 1 September 2022 has passed, what happens now?

HMRC set a deadline of 1 September 2022 for UK express trusts to be registered on the Trust Registration Service (TRS) As part of the implications from the EU’s Fifth Money Laundering Directive (5MLD) and the accompanying legislation introduced into UK law (despite Brexit), HMRC set a deadline of 1 September 2022 for UK express trusts to be registered on the Trust Registration Service (TRS). From 2017 to 6 October 2020, only trusts that had Read more…

HMRC announces fines

HMRC announces fines for non-registration of trusts on the Trust Registration Service

Penalties for failing to register a trust with HMRC’s Trust Registration Service Following legislation introduced on 6 October 2020, all express trusts (other than excluded trusts) now have to be registered on the Trust Registration Service (TRS) by the later of 1 September 2022 or 90 days from the date the trust was created. Details of the trusts that are required to register on the TRS are set out at TRSM21010 of HMRC’s Trust Registration Service Read more…

6 weeks and counting to the trust registration deadline

Here’s what you need to know about trust registration There are now just over 6 weeks left until the deadline of 1 September 2022 by which any trusts set up before 3 June 2022, which require registration on the Trust Registration Service (TRS), should be registered. Trusts created after 3 June 2022 that require registration should be registered within 90 days of the date of the trust’s creation. Registration is the responsibility of the trustees Read more…

What is the Trust Registration-Service presentation document tool

What is the Trust Registration Service?

What is the Trust Registration Service? Please feel free to download our presentation document which will give you important guidance and information on HMRC’s Trust Registration Service (TRS). You may also find the material and guidance on the Trustee Registration service on the following pages: The Trust Registration Service Register a Trust FAQ Trust Registration Resources

egg timer time run out to register a trust

3 months left for trust registration

Ensure your trust is properly registered with HMRC before the deadline There are now 3 months to go before the 1 September 2022 deadline for trustees to register existing trusts on HMRC’s Trust Registration Service (TRS). UK express trusts (generally, trusts created by a trust deed, declaration of trust, will or deed of variation) and some non-UK express trusts require to be registered on the TRS unless they qualify as an excluded trust. However, trustees Read more…

registration of trusts

Less than 4 months to go for registering a trust

Trustees of trusts created after 2 June 2022 that require registration should register their trust within 90 days of the date of the trust’s creation May Day marked 4 months to go to the deadline for existing express trusts to register on the Trust Registration Service (TRS) within the deadline of 1 September 2022, so there are now less than 4 months left for trustees to act. Trustees of new trusts created before 3 June Read more…

trust regitstraion paperwork

Further amendments to the Trust Registration Service during April 2022

  HMRC published further amendments to the Trust Registration Service (TRS) Manual on 14 April 2022. These updates included: We have also been in correspondence with HMRC to seek further clarification around the types of life assurance policies that can allow a trust to be an excluded trust for the purposes of registration. Unfortunately, several grey areas remain; we will seek further clarification from HMRC and hope to be able to provide further details in Read more…