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The Trust Registration Service

by AdrianKidd
on 31 March 2022

The Trust Registration Service is a government register of who will benefit from the assets of Trusts.

The purpose of the register is to provide transparency with regards to the asset and who will benefit from it. This is to assist with anti-money laundering, counter terrorist financing and associated crimes.

 

Contents

What Trusts need to be registered?

Trusts need to be registered when the Trustees become liable for any of the following taxes with regards to the Trust:

  • Income tax
  • Capital Gains Tax
  • Inheritance Tax
  • Stamp Duty Land Tax
  • Stamp Duty Reserve Tax
From October 2020, the following Trusts all need to be registered, regardless of tax liability:
  • All UK Express Trusts
  • Certain Non-UK Express Trusts:
  • the Trust has acquired land or property in the UK
  • the Trust has at least one UK resident trustee and has entered a ‘business relationship’ within the UK

 

What Trusts don’t need to be registered?

The following Trusts do not need to be registered, however if UK tax becomes payable at any point by the Trustees, then they will need to register.

  • Certain protection policies (Whole of life or Critical Illness)
  • Will Trusts
  • Registered Pension Schemes
Please contact us if you would like the full list of excluded Trusts.

 

When do I need to register by?

All qualifying Trusts need to be registered by 1st September 2022 or within 90 days of creation, whichever is later.

There are different deadlines for non-qualifying Trusts that become qualifying when their first tax liability rises.

If the Trust is liable to tax, each year you will need to complete an annual declaration.

How do I register?

You will need to nominate a lead Trustee to complete the registration.  The lead Trustee will need to obtain an Organisation Government Gateway ID and password from HMRC to register.

Once registration is complete, HMRC will send the lead Trustee a Unique Taxpayer Reference Number, which will be required for completing the Trust’s self-assessment tax return.

If the Trustees do not pay tax for the Trust, you can log back into the registration service following submission and your Unique Reference Number will be there.

If you would like assistance registering your Trust, an accountant (pending their permissions) can be appointed to complete the registration on your behalf.  If you would like for us to introduce you to a firm that could help, please do get in contact.

If you are unsure what type of Trust you have and whether it needs registering, please get in contact.

To get in contact please use the secure messaging within MyOvation or call the team on 0117 942 4333

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