TRS – Information required and annual declarations

5th May 2022

Intended as a companion to: TRS Who should register and when.

The TRS will collect information about the trust and its trustees, settlors and other individuals or organisations exercising control. This will include:

  • Name of the trust.
  • Date the trust was created.
  • Whether the trust is an express trust or not.
  • Details of the trust assets – specifically including details of any UK land or property purchased by the trust – as well as open market valuations specifically at the date of registration, rather than creation.

In addition, all known beneficiaries whether actual or potential need to be identified. A class of beneficiaries can be used where a group of individuals are unable to benefit from the trust until a certain event, for example the death of a life tenant, or are not yet known, for example any future grandchildren. However, as soon as these beneficiaries can benefit from the trust they will need to be identified on the register. The information required will include:

  • Name
  • Date of birth.
  • National Insurance Number, if a UK citizen.
  • Passport details and address if they are not a UK citizen.

For further information, please click the below link for HM Revenue and Customs’ guidance on the Trust Registration Service:

Register a trust as a trustee – GOV.UK (www.gov.uk)

Annual declarations

An annual update to the Trust Register will need to be submitted by 31 January following the end of each tax year. Even if there have been no changes a ‘no change’ declaration will still need to be filed by the trust. Where there have been changes to the trust, for example a change of trustee, this will need to be reported on the annual update, which can be filed at any point during the tax year.

 

Whitings can help with registering trusts and annual updates, if you would like to discuss your individual circumstances, please get in touch with your usual contact at Whitings, or call us on 01284 752313.

 

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