Historically only taxable trusts needed to be registered. However, new rules introduced on 6 October 2020 require most UK trusts (and some non-UK trusts) to register via the Trust Registration Service (TRS) regardless of their taxable status. These rules apply to all express UK trusts. Common trusts included are Nil Rate band trusts and trusts leaving a surviving spouse a life interest in a property or other assets.

Have you ever been the executor of an estate where either part of a property or other assets were placed into a trust?

Are you aware of being a trustee of any type of trust?

If the answer is yes, what do you need to do?

You need to register the trust.

What are the deadlines?

Non-taxable trusts in existence on 6 October 2020 must be registered by 1 September 2022;

Non-taxable trusts created after 6 October 2020 must be registered by 1 September 2022 or within 90 days of creation (whichever is later); and

Any changes to the trust details and/or circumstances following first registration must be notified within 90 days of the change.

How do I register a trust?

To register a trust, the trustees (or their agents) are required to provide information about the trust itself and any persons involved in the trust (including the settlor, trustees, beneficiaries and controlling parties).

If you have any queries about being a trustee or trust registration or need help to register your trust you can contact us at the Lymington Office on 01590 689500 or at New Milton on 01425 610078.