Do I need to register my trust with the Trust Registration Service?

Full answer

The Trust Registration Service (TRS) is HMRC's online register of trusts. It was extended in 2020 so that almost all UK express trusts (those created deliberately, usually by a written deed or will) must register, even if they owe no tax. Trusts that have a UK tax liability -- Income Tax, Capital Gains Tax, Inheritance Tax, Stamp Duty or Stamp Duty Land Tax -- have always needed to register. Trustees are legally responsible for registering and for keeping the details up to date. Registration captures the settlor, trustees, beneficiaries and any other person with control over the trust, plus the trust assets where a tax charge applies. There are exclusions. Examples include some will trusts that wind up within two years of death, certain pension scheme trusts, charitable trusts, and policy trusts holding only life or retirement policies that pay out on death or illness. The exact list is detailed, so confirm your trust's status on gov.uk rather than assuming. Deadlines matter. A taxable trust generally must register by 31 January after the tax year in which the liability first arose, or within 90 days of becoming taxable. Non-taxable trusts must register within 90 days of being created. Changes to trust details, and an annual declaration that the register is accurate for taxable trusts, must also be made. Worked context: if a trust receives rental income and pays Income Tax, the trustees register on TRS, obtain a Unique Taxpayer Reference, and file trust tax returns. If the trust later realises a gain on a property, use a capital gains tax calculator to estimate the charge at trust rates before the return is filed. TRS registration itself is free; penalties can apply for late or inaccurate registration.

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