What is the Trust Registration Service?
The Trust Registration Service (TRS) is an online system where trustees are required to register the trust that they are responsible for with HMRC.
It was first set up in 2017 and trustees had to register their trust if it was liable to tax.
However, new rules have come into force that require almost all UK registered trusts to register on the TRS.
Trusts created after 1 September 2022 must register within 90 days.
Failure to register a trust could result in penalties being imposed by HMRC.
Who can register the trust?
For most trusts, the registration process is relatively straightforward, and can be completed by the trustees. When you register, a lead trustee is appointed who will become the key point of contact for any HMRC correspondence.
Alternatively, trustees can authorise an ‘agent’ to register the trust on their behalf. Unfortunately, Skipton do not meet the criteria to act as an agent, as we do not operate as an accountancy service provider.
What types of trust need to be registered?
In short, most trusts need to be registered – you can find out at: https://www.gov.uk/trusts-taxes/registering-a-trust
What do you need to do to register a trust?
If you intend to register the trust yourself as the lead trustee, you can find information on how to do this and get started at: https://www.gov.uk/guidance/register-a-trust-as-a-trustee
You can also download a copy of our step-by-step guide which takes you through each stage you need to go through to register your trust.
If you’d like this guide in large print, braille or audio please ask in branch or call 0800 055 6898.