Talk to the Taxperts

01382 312100

Trust Registration Deadline Approaching

In 2017 HMRC created an online register, the Trust Registration Service (TRS), to establish the beneficial owners of assets held in trust as a requirement of the EU Money Laundering Directives.

Only tax paying trusts were initially required to register, however in 2020 this was extended to require all trusts, with some exceptions, to register with the TRS. Following delays in the availability of the online service, the deadline for registering was pushed back to 1 September 2022.

If you are a trustee of a trust you need to take action now to ensure registration has been completed where necessary. You may not be aware that you hold certain financial investments in trust, or think they are not relevant. For example, Discounted Gift Trusts, Loan Trusts or bare trusts for minor children are types of trust must be registered.

The exceptions include pension investments held in trust, life policy trusts, charitable trusts and a few other types of trust considered to be ‘low risk’.

Following this extension to the deadline, penalties may be charged for failure to register or to update the TRS. New trusts must register and changes to the trust be reported within 90 days to avoid a penalty. Further guidance can be found on the Gov website here.

If you require assistance with the trust registration process, please get in touch with your usual EQ contact or call one of our offices.

Latest News

View all latest news

August 10, 2022

New Capital Gains Tax Rules Affecting Divorcing Couples

In response to the Office of Tax Simplification (OTS) second Capital Gains Tax report ‘Simplifying practical, technical and administrative issues‘, the UK Government are introducing changes to the…

August 3, 2022

10 Ways To Help With The Cost Of Living

The cost of living crisis is putting additional strain on businesses and households that are already feeling the aftereffects from the various challenges over the past few years….

Download our EQ app and keep up to date with tax news, changes and have access to our EQ Portal, tax calculators and key tax dates at your fingertips. Click on the relevant button on your device to download our free app.

Visit EQ Accountants Visit EQ Accountants

Explore the full range of EQ Expertise


ACC 2019 LOGO Finalist