A new HMRC requirement for most Trusts to be registered via an HMRC online Trust Registration Service (TRS) has been launched. This includes:

• Any St. James's Place Onshore or Offshore bond in Trust
• Any Asset Preservation Trust set up on or after 6th October 2020, regardless of what assets its contains
• Any Designated Unit Trust which has been set up as a gift for the beneficial owner

The change is part of anti-money laundering regulations, which now covers most Trusts regardless of whether they pay tax or not.

We would like to acknowledge that the registration process is not complicated, and we will help our clients with their registration, if applicable to them, every step of the way.

How are we going to help our clients?

Pentelow Wealth Management are going to help clients every step of the way and that any assistance they require is only a phone call away. Clients can call us on 0113 212 0715 or email pentelow.trs@sjpp.co.uk and someone will respond to them during normal office hours within 48hours.

More Information

A comprehensive FAQ document on the TRS is available to download and read here but to summarise:

When is the Deadline to Register?

All relevant Trusts must be registered on the TRS by 1st September 2022 or within 90 days of being set up, whichever is the later.

The TRS must also be updated with any changes to the Trust within 90 days of those changes.

How do you Register your Trust?

For each Trust, the Trustees must nominate a 'Lead Trustee'. The Lead Trustee will be responsible for completing and updating the TRS and for any contact with HMRC. You should speak with the other Trustees of your Trust(s) and agree on the Lead Trustee.

The Lead Trustee must register your Trust(s) online here and will need to set up a Government Gateway Organisation ID for each Trust they register. Whilst the Lead Trustee is the person who updates the TRS, all the Trustees have a duty to ensure that the Trust is registered and the TRS is updated with any changes (e.g. Trustees or Beneficiaries).

If your Trust has any connections to other jurisdictions with similar requirements in place (for example where one or more Trustees live in an EU member state), you may need to register there too, and you should seek advice from a local tax specialist in that jurisdiction.

To assist clients we have included some useful documents to download and read:

• TRS checklist
• 'How To' Guide
• A walkthrough video guide

Why do you need to register your Trust?

Failure to register a Trust or keep the TRS updated will restrict what business we can do with it post September 2022, and HMRC may levy a fine on the Trustees.

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