Trust Registration Service – Do you Need to Act Now?

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May
11
Posted 2022 by Jane L

Do you legally hold assets on behalf of someone else? Or perhaps you are a Trustee looking after assets on behalf of other individuals?

Examples of trusts

You may need to register your Trust on the TRS if:

  • You hold an asset on behalf of a minor child* or another individual – this can be called a Bare Trust
  • You are a Trustee to:
    • Discretionary Trust
    • Life Interest/Interest In Possession (IIP)
    • Bereaved Minor’s and 18-25 Trust
    • Blind Trust
    • Charitable Trust
    • Disabled Person or Persons Trust
    • Employee Benefit Trust (EBT)
    • Express Trust
    • Mixed Trusts (e.g. old A&M might be IIP and Discretionary)
    • Settlor-Interested Trust

Even if you have never had to report anything to HMRC previously for tax purposes, you may need to consider your obligations under the 5th Anti-Money Laundering Directive and the registration with HMRC’s Trust Registration Service (TRS) before 1st September 2022.

Who can give me advice on my Trust and Trust Registration Service (TRS)?

We can assist if you are at all unsure whether you need to report the Trust under the TRS. Just get in touch with one of our trust specialists.

*HMRC has confirmed that you do not need to register Child Trust Funds, Junior ISA’s or general bank accounts held by parent’s on behalf of their children.

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