½Û×ÓÊÓƵ

Trust registration service (TRS)

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

Trust registration service (TRS)

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
imgtext

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)

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by

Popular Articles

Spouse exemption from inheritance tax

Spouse exemption from inheritance taxArguably, the most important inheritance tax exemption is the spouse exemption from inheritance tax.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’).

14 Jul 2020 13:56 | Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP Read more Read more

Classes of NIC and who pays them

Classes of NIC and who pays themClass 1 NICClass 1 NIC is payable on earnings paid to an employed worker which derive from, or are treated as deriving from, an employed earner’s employment in the UK. There are two kinds of Class 1 NIC, primary contributions for which the employee is liable and

14 Jul 2020 11:13 | Produced by Tolley in association with Jim Yuill at The Yuill Consultancy Read more Read more

Computation of corporation tax

Computation of corporation taxCompanies pay corporation tax on the taxable total profits (TTP) generated in a chargeable accounting period (CAP).To ascertain whether the entity is within the charge to corporation tax, see the Charge to corporation tax guidance note.For more information on the type

14 Jul 2020 11:16 | Produced by Tolley Read more Read more