TRS – Who should register and when
12th April 2022
The Trust registration service went live in 2017 and required any express trust with UK liabilities to register whether they were UK or non-UK resident. An express trust is simply a trust deliberately created by a settlor by transferring property to a trustee.
Who should register?
Recent money laundering directives have extended the definition of a trust required to register to the following:
- All UK Express trusts that do not have a tax liability.
- Non-UK express trusts that acquire UK land or property.
- Non-UK express trusts which have at least one trustee resident in the United Kingdom and enter a business relationship with a relevant person in the UK.
When to register
The deadlines for registering a trust depend on whether the trust is taxable and when they were created.
Whitings can help with registering trusts, 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.
Disclaimer - All information in this post was correct at time of writing.
