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 trust within the required timescales could face fines and/ or penalties from HMRC.
If a trust was in existence on 6th October 2020 but has subsequently closed (or will be closed), it will still require registration on the TRS and the trustees will then need to update the records on the Trust Register to show the closure.
It is the trustees’ responsibility to ensure that the trust is registered on the TRS and to keep the records on the Trust Register up-to-date. Certain trusts, called excluded trusts, are not required to register on the TRS.
Trustees can register their trust on the TRS on gov.uk. However, many trustees may find registering their trust daunting and time-consuming. We, at Trustee Support Services, can help and register the trust on the trustees’ behalf. We then hand all of the details back to the trustees so that they can maintain their details on the Trust Register. Should further help be needed in the future, we will be happy to assist.
Registering a trust through Trustee Support Services
We have tried to simplify the process for registering a trust as far as we can. To start the registration process, trustees can open a secure account on our website. Once the secure account has been opened, the trustees can then complete our Trustee Questionnaire that collects the information we need to register the trust. Trustees can also supply a copy of the trust deed or instrument, should they wish to. The Questionnaire can be saved at any point and then reopened to add further information. Once complete, it can then be submitted with our fee and we will check the information supplied before proceeding to register the trust.
Once we have registered the trust, we will add the documents confirming registration to the trustees’ secure account which can then be downloaded.
We are happy to answer questions or provide further help at any stage in the process and can also provide bespoke consultancy services to trustees and their advisers, if required.
The clock is ticking down towards the registration deadline of 1 September 2022 and we would urge trustees to consider registering their trusts sooner rather than later.