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.