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Call us on: 01772 729 742 | Email us at: enquiries@springfieldfs.co.uk
Springfield Financial Services Chartered Logo
  • Home
  • About You
    • Building Wealth
    • Managing Wealth
    • Estate Planning & Later Life
  • About Us
    • Our People
    • Corporate Chartered Status
    • Awards
    • Charity and Sponsorship
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    • Investment Planning
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    • Pensions and Retirement Planning
    • Inheritance Tax, Trust & Estate Planning and Later Life
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Call us on: 01772 729 742 | Email us at: enquiries@springfieldfs.co.uk
Springfield Financial Services Chartered Logo
  • Home
  • About You
    • Building Wealth
    • Managing Wealth
    • Estate Planning & Later Life
  • About Us
    • Our People
    • Corporate Chartered Status
    • Awards
    • Charity and Sponsorship
  • Financial Services For You
    • Investment Planning
    • Tax Planning
    • Pensions and Retirement Planning
    • Inheritance Tax, Trust & Estate Planning and Later Life
  • News
  • Get In Touch
Springfield Financial Services Chartered Logo
  • Home
  • About You
    • Building Wealth
    • Managing Wealth
    • Estate Planning & Later Life
  • About Us
    • Our People
    • Corporate Chartered Status
    • Awards
    • Charity and Sponsorship
  • Financial Services For You
    • Investment Planning
    • Tax Planning
    • Pensions and Retirement Planning
    • Inheritance Tax, Trust & Estate Planning and Later Life
  • News
  • Get In Touch
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Trust Registration Service – where are we now?

March 21, 2020
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What is the Trust Registration Service (TRS)?

The TRS is an online service, provided by HMRC to register trusts and replaces the paper 41G forms. It is part of HMRC’s digital strategy and aims to provide greater tax transparency moving forward.

Following its original introduction, the scope of the TRS has been widened by the fifth money laundering directive (5MLD) to include most trusts, not just those where the underlying investments give rise to a tax liability.

Deadline extended

The latest HMRC consultation proposed an extension for trusts registering for the first time until March 2022.

If you have set up a trust for estate or inheritance tax planning purposes, it is important that as Trustees you understand your responsibility for registering with the TRS.

The new proposed dates for registration are:

  • Trusts in existence at 10 March 2020 must register by 10 March 2022.
  • Trusts that are set up after 10 March 2020 must register within 30 days or by 10 March 2022, whichever is later.
  • This means trusts set up on or after 10 March 2022 will have 30 days to register.
  • Once registered on the updated system, trustees will have 30 days from when they are aware of any changes to update the details.

Exempt trusts

There are some exemptions based on the premise that they don’t present many risks with regards to money laundering or terrorist activity, as individuals can’t easily manipulate the terms of the trust. These include:

  • Protection policies, where the only benefit is a sum assured paid out on the death of a life assured (or terminal illness).
  • Registered pension schemes which are tightly regulated by FCA or The Pensions Regulator.
  • Statutory trusts which have trust provisions prescribed by law e.g. a trust arising on intestacy.
  • Personal Injury trusts and vulnerable beneficiary trusts.

Bare trusts were also thought to be exempt, but HMRC is still considering the risks associated with these.

Trusts already registered in another EU Member State would also be exempt under UK registration proposals.

The UK tax system is complex, and legislation is continually changing. Regular trustee meetings with one of our financial planners will help you to be safe in the knowledge that you are meeting your obligations.

For further information or to arrange an initial no-obligation consultation at our offices or another mutually convenient location, please telephone us on 01772 729 742, or alternatively, simply fill out our online enquiry form and we will give you a call to discuss your requirements.

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