Trust Registration Service

The European 5th Anti Money Laundering Directive, aimed at preventing money laundering and terrorist financing across the EU, requires Trusts to be registered with the Trust Registration Service (TRS) a new HMRC online portal.

Trusts settled before the 1st September 2022 will need to register, including non-taxable Trusts settled before this date, whereas previously there had to be a reportable tax event (any one or more of Income Tax, Capital Gains Tax, Inheritance Tax or Stamp Duty) to require TRS registration.

In principle, all Express Trusts, whether taxable or non-taxable will have to register unless they are included on the official excluded Trusts list. It is the responsibility of the Trustees to register the Trust however, Trustees may appoint an agent to assist with registration.

These changes will create significant additional compliance obligations for many Trustees, in addition to the Trustee Act 2000. Many non-professional or overseas trustees are likely to be unaware of their obligations.

We are here to help

Many Trusts will have been established with non-professional Trustees, typically family members, often beneficiaries of the Trust in question. Non-professional Trustees may find the prospect of registration and maintaining the Trust Register burdensome.

In addition, due to the structure of some Trusts, and the assets held, it may not be viable to appoint a Professional Trustee service, both for practical reasons and costs.

Our Registration and ongoing maintenance service can be used as a cost-effective solution to comply with the new legislation.