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The trust registration deadline of 1 September 2022 has passed, what happens now? 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 incurred a UK tax liability (taxable trusts) had Read more…

HMRC announces fines for non-registration of trusts on the 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 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? 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

3 months left for trust registration 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 of an excluded trust may Read more…

Less than 5 months to go to register trusts The clock is continuing to tick down towards the deadline of 1 September 2022 for trustees of existing express trusts to have registered their trust on the Trust Registration Service. Trustees of new trusts have a deadline of 1 September 2022 or 90 days from the date of creation of the trust, if later, to register their trust. Those that fail to register their trust by Read more…

What happens if I don’t register a trust on the TRS? Trustees of trusts that require registration on the Trust Registration Service (TRS) have a deadline to register the trust by 1 September 2022 (or within 90 days of creation of the trust, if later, so relevant for trusts created after 2 June 2022). HMRC has indicated that it will not automatically charge penalties if a trust is not registered and will take a pragmatic Read more…