“Since 2017, trustees were required to register with the Trust Registration Service (TRS) if their trust was liable to pay tax. New rules introduced in 2020 extended the scope of the trust register to UK and some non-UK trusts, with some specific exclusions, regardless of whether or not the trust is liable to pay any tax.
The deadline for registrations is 1 September 2022 and we would advise you to check if you have any assets held in trust that need to be set up and to speak to your accountant as soon as possible.”