Trust registration service (TRS)

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

This guidance note explains the trust registration service (TRS) and which trusts must be registered on it including the exceptions to the general rule for taxable trusts. It discusses what information needs to be provided and when it needs to be provided by. It considers who can access the register and the penalties that HMRC will apply for non-compliance with the regime. It discusses the mechanics of registration and what to do if a reporting discrepancy is discovered. It also briefly discusses other UK reporting regimes with which trustees may need to comply.

Background to the trust registration service

HMRC’s online trust registration service (TRS) fulfils the UK’s obligations under the EU’s Fourth Anti-Money Laundering Directive (4MLD) and Fifth Anti-Money Laundering Directive (5MLD).

HMRC has provided detailed guidance on registration and this can be found in the Trust Registration Manual.

Which trusts need to register?

UK trusts

All UK trusts which have a liability to pay any of the relevant UK taxes (income tax, CGT, IHT, SDLT (or the Scottish or Welsh equivalents)

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Trusts and Inheritance Tax

Transfer of assets to beneficiaries ― legal, administration and tax issues

Transfer of assets to beneficiaries ― legal, administration and tax issuesThis guidance note outlines how assets are transferred to beneficiaries and the tax consequences that flow from the transfer. Whether a payment is income or capital is discussed in the Payments to trust beneficiaries guidance

14 Jul 2020 13:52 | Produced by Tolley Read more

Personal Tax

Payment of tax due under self assessment

Payment of tax due under self assessmentNormal due dateIndividuals are usually required to pay any outstanding income tax, Class 2 and Class 4 national insurance, and capital gains tax due for the tax year by 31 January following the end of the tax year (ie 31 January 2025 for the 2023/24 tax year).

14 Jul 2020 12:52 | Produced by Tolley Read more

Value Added Tax

Exporting goods ― proof of export

Exporting goods ― proof of exportIn addition to the requirements laid down in the Exporting goods ― overview guidance note, businesses intending to zero-rate exported goods must hold satisfactory evidence that the goods have been delivered to a destination outside of the UK. If satisfactory evidence

15 Dec 2020 14:02 | Produced by Tolley Read more

��Ƶ