New HMRC Trust Registration Service

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Monday, November 27, 2017

New HMRC Trust Registration Service

What you need to be aware of if you have set up a Trust or act as a Trustee...

The Trusts Registration Service (TRS) is a new service that will provide a single online route for trusts to comply with their tax obligations and notify HMRC of any changes in their circumstances. 

Trusts that are required to register with HMRC are now required to do so through the TRS no later than 5th January 2018 (if they are new Trusts) or 31st January 2018 if they are already on the old register. 


What do you need to do?

If the Trust in question is NOT already registered for self assessment and it has NO income or gains that are likely to be chargeable to tax then you DO NOT need to register unless that changes.

Typically the following Trusts will not require registration: 

  • Only contains non-income producing investment bonds – very common 
  • Only contains £10 - typically referred to as a “pilot trust”
  • Is just used to hold a life assurance policy 
  • Is a “bypass Trust” used typically for the nomination of pension scheme death benefits 

Action is required for the following:

  • Any Trust already registered for self assessment or which has been through a ten year anniversary and filed a return with HMRC at that time 
  • More complex trusts where income or gains can arise – typically these may hold a range of assets such as property, loans, cash, or shares. 

How can we help? 

We have compiled a register of all of the Trusts we supervise or are aware of and will be in direct contact with those clients who need to take action so that we can help them to comply with the requirements by the relevant deadlines. 

In many cases we are already in discussions with clients or their accountants/solicitors (where they are the appointed agent) and can assist in the provision of information to enable them to register online for you. 

Important Note

The register will not be open to the public but a lot of information is required about the Trust itself - details of trustees, beneficiaries including passport and NI numbers and details and valuations of trust assets.  

We would assure you that no information will be shared with your other advisers without your knowledge and consent and all information will be sent securely.  You should take care not to share information with anyone other than HMRC direct or a registered agent such as your accountant. 

Please do call us if you have any queries or concerns on 01704 571777 but rest assured we are here to help and in theory, once it is all sorted future Trust administration should be simpler, with less paper and hopefully fewer delays! 

For more information visit the HMRC website