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Trust Registration Service

Briefing note

IMPORTANT: The following information relates primarily to trusts used to hold investment bonds. Most trusts related to protection products, for example those in our Group insurance policies, will not need to register. 

HMRC's Trust Registration Service has changed - have you registered your trust?

What is the Trust Registration Service?

The Trust Registration Service (TRS) is a register of the beneficial ownership of trusts. The TRS was first set up in 2017, requiring trustees to register if their trust was liable to pay the following taxes: income tax, capital gains tax, inheritance tax, Stamp Duty Land Tax (Land and Buildings Transaction Tax in Scotland) or Stamp Duty Reserve Tax.

New legislation has now come into force, requiring the majority of UK resident non-taxable trusts in existence on or after 6 October 2020 to be registered by the trustees on the HMRC Trust Registration Service before 1 September 2022.

Trusts created after 1 September 2022 must register within 90 days.

We’ll be regularly updating this page with further advice provided by HMRC.

What information do HMRC require?

As a trustee, you’ll need to provide HMRC with the details of:

  • The trust
  • Settlor
  • Trustees
  • Beneficiaries
  • Any individual who has control over the trust, in some instances referred to as protectors.

You can find out more and register your trust here.

FAQs

Irish Central Register of Beneficial Ownership of Trusts (CRBOT)

European Union Anti-Money Laundering legislation requires each EU member state to establish a Central Register of Beneficial Ownership of (CRBOT).  Its purpose is to help prevent money laundering and terrorist financing by improving transparency of who ultimately owns, and controls trusts.

The CRBOT is the register of beneficial ownership of trusts in Ireland which is managed by the Revenue Commissioners.

Where a trust holds or takes out a policy with a company based in Ireland such as Canada Life International Assurance (Ireland), the regulations state that the trust must register with the Irish Revenue CRBOT.  This applies to UK trusts even if they have registered with the UK Trust Registration Service.  This requirement also applies to Channel Islands and Isle of Man trusts. 

Following a comprehensive review, it’s unclear how a non-Irish Trust would meet these requirements and as a result we are working with a number of industry associations to engage with the Revenue Commissioners to understand the practicalities of these requirements - we will update this space as we know more. 

 

Trustee duties and TRS

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Trustees' duties

Find out more about the role of a trustee

Trustees Duties

Trust Register and Trustees’ Obligations

Find out more below

Briefing Note