On 1 September 2021, a major change in the registration of trusts came into force when the Trust Registration Service (TRS) – part of HMRC – opened for non-taxable trust registrations. Previously, it had only been necessary to register taxable trusts.
Now, you should register all UK express trusts with the TRS, as well as registering some non-UK express trusts, including non-taxable trusts, with the exception for trusts that are specifically excluded due to their characteristics.
You must register:
·         Non-taxable trusts in existence on or after 6 October 2020 by 1 September 2022.
·         Non-taxable trusts created after 1 September 2022 within 90 days
·         Changes to the trust details and/or circumstances, within 90 days of the change
These deadlines give more time than what is currently set out in the legislation, with the legislation awaiting amendment to reflect these changes.
If you would like advice or assistance in creating, registering or administering a trust, please get in touch on 01384410410 and ask to speak to a member of our Private Client Team.