HMRC's expanded Trust Registration Service (TRS) requires most UK trusts — and some non-UK trusts — to register, regardless of whether the trust has any tax liability. This is part of the UK's implementation of the Fifth Money Laundering Directive, and the deadline for non-taxable trusts is 1 September 2022.

Who needs to register?

All UK express trusts that are not specifically excluded must register. Non-taxable trusts in existence on 6 October 2020 and trusts created after that date must register by 1 September 2022 (or within 90 days of creation if later). Any changes to trust details must be notified within 90 days, and trustees must confirm the trust is up to date annually by 31 January.

What information is required?

The TRS holds information about the trust and its beneficial ownership. This information is not publicly available but may be accessed by bodies involved in anti-money laundering and counter-terrorist financing work.

Penalties

HMRC may impose penalties for failure to register a required trust within the advised timeframe. Immediate action is advisable for any trustees who have not yet complied.

We can help

If you would like New Quadrant to register on your behalf, please contact us on +44 (0)20 7430 7150 or at trusts@nqpltd.com.