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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

trust registration support advice

Less than 5 months to go to register trusts

Trustees of existing express trusts have register their trust on the Trust Registration Service 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 Read more

man signing trustee papers in UK

More updates to the Trust Registration Service Manual

HMRC published a further set of updates to the Trust Registration Service (TRS) Manual on 18 March 2022. This blog summarises these new updates. Each section’s title is a link to the relevant page. Trusts created by a will Further examples have been added to show when trusts created by a will may be required to register on the TRS (generally, a trust created by a will is not required to register unless assets remain Read more

registering a trust assistance

What happens if I don’t register a trust on the TRS?

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

trust registration in ireland

Halfway point for registration of trusts on HMRC’s Trust Registration Service (TRS).

Halfway point for registration of trusts on HMRC’s Trust Registration Service (TRS). Today, 28 February 2022, marks the halfway point for registration of trusts on HMRC’s Trust Registration Service (TRS). New rules introduced on 1 September 2021 gave until 1 September 2022 for all UK express trusts (and some non-UK express trusts) to be registered on the TRS unless the trust qualifies as an excluded trust. It is the trustees’ responsibility to register their trust(s), Read more

Should I register my trust myself

Should I register my trust myself, or is it better to use an agent?

Should I register my trust myself, or is it better to use an agent? The bottom line is that it is the responsibility of trustees to register their trust(s) on the Trust Registration Service (TRS) within the deadlines that apply, which are by 1 September 2022 or within 90 days of the trust’s creation, whichever is the later. Whilst Trustee Support Services is happy to work with trustees and their advisers, and to register trusts Read more

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Do pilot trusts (including spousal bypass trusts) need to be registered on the TRS?

Do pilot trusts (including spousal bypass trusts) need to be registered on the TRS? We are aware that there may be some confusion as to whether pilot trusts (including spousal bypass trusts used to accept pension and death-in-service scheme death benefits) require registration on the Trust Registration Service (TRS), especially where no further assets have been added to the trust. To start, it is worth looking at the fundamental requirement that a valid trust must Read more

trustee HMRC assistance

HMRC updated the TRS Manual during December 2021

HMRC updated the TRS Manual during December 2021 New rules that came into force from 1 September 2021 that mean that most trusts (unless excluded) now need to be registered on HMRC’s Trust Registration Service (TRS). Registration should be completed by 1 September 2022 or within 90 days of the trust’s creation, if later. HMRC made several updates to the TRS Manual during December 2021. Details of the sections updated in the manual are available Read more

register a trust online

Do I need to register my trust?

Do I need to register my trust? Trustees of most UK trusts and some non-UK trusts now need to register their trusts on HMRC’s Trust Registration Service (TRS), following the introduction of new rules that took effect on 1st September 2021. A deadline applies meaning that a trust requiring registration must be registered by 1st September 2022 or within 90 days of the trust’s creation, whichever is the later. Trustees that fail to register a Read more

trust registration deadline

An introduction to the Trust Registration Service

An introduction to the Trust Registration Service New rules came into effect on 1 September 2021 that widened the scope of HMRC’s Trust Registration Service (TRS) and mean that most express trusts (a trust created deliberately by a settlor, either during lifetime or on death) now need to be registered. This includes both existing and new trusts. The rules also formalise the trustees’ general duty to keep and maintain an up-to-date written record of the Read more