The Trust registration service (TRS) is now open for non-taxable trust registrations.
The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations, SI 2020/991 introduced changes into the UK’s principal Anti-Money Laundering Regulations (SI 2017/692) as part of the UK’s implementation of EU Directive 2018/843/EU. Those changes included expanding the scope of the UK’s register of express trusts to include all UK express trusts, including those with no tax consequences, in order to increase transparency around beneficial ownership.
The Regulations required trusts to register by 10 March 2022, but HMRC’s announcement confirms that more time is to be given. Trustees or agents should now register all UK express trusts and some non-UK express trusts with HMRC, including non-taxable trusts (unless the trust is specifically excluded) as follows:
non-taxable trusts in existence on or after 6 October 2020 must be registered by 1 September 2022.
non-taxable trusts created after 1 September 2022 must be registered within 90 days.
changes to trust details and/or circumstances must be registered within 90 days of the change.
The deadline for registration of new trusts and for updating information on the register had originally been set at 30 days. The CIOT has welcomed the increase to 90 days.
The Trust registration service (TRS) is now open for non-taxable trust registrations.
The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations, SI 2020/991 introduced changes into the UK’s principal Anti-Money Laundering Regulations (SI 2017/692) as part of the UK’s implementation of EU Directive 2018/843/EU. Those changes included expanding the scope of the UK’s register of express trusts to include all UK express trusts, including those with no tax consequences, in order to increase transparency around beneficial ownership.
The Regulations required trusts to register by 10 March 2022, but HMRC’s announcement confirms that more time is to be given. Trustees or agents should now register all UK express trusts and some non-UK express trusts with HMRC, including non-taxable trusts (unless the trust is specifically excluded) as follows:
non-taxable trusts in existence on or after 6 October 2020 must be registered by 1 September 2022.
non-taxable trusts created after 1 September 2022 must be registered within 90 days.
changes to trust details and/or circumstances must be registered within 90 days of the change.
The deadline for registration of new trusts and for updating information on the register had originally been set at 30 days. The CIOT has welcomed the increase to 90 days.
