Update from HMRC: Trust Registration Service Open from September 2021
The implementation of the EU’s Fifth Money Laundering Directive in the UK has meant that more trusts are now required to register with the Trust Registration Service. All UK express trusts, including non-taxable trusts, are now required to register, unless they are specifically excluded.
As you may have seen in our previous articles, there have been several delays to the upgraded TRS as it was originally meant to be implemented in summer 2021.
However, several months later, HMRC have now announced that the new Trust Registration Service will be open for non-taxable trust registrations from the beginning of September.
To find out further information about which trusts must register with the TRS, and those that are excluded, take a look at HMRCs guidance.
Non-taxable trusts will now have around 12 months to register from the date the TRS is made available to them (i.e. September 2022).