As of September 2022 the rules and regulations around registering a trust will change. From this date all UK Trusts will have to be registered regardless of whether they have tax liabilities.

If you have a trust which now requires registering and would like some assistance, please contact us.

The change coming into effect from September 2022 require all trusts to be registered on the TRS (Trust Registration Service) regardless of their tax liability status.

This also includes any non-UK trusts if they have any associated income coming from the UK or any assets in or from the UK.

Trusts which have tax liability covered by a relief will also need to be registers and the relief will need to be claimed through self-assessment and any trusts which are already registered will have to provide additional information about the beneficial owners and assets of trusts.

After September 2022, service providers will be obligated to report any discrepancy between the information on the Trust Registration Service and the information collected as part of due diligence.

Keeping Your Trust Up-To-Date

Trust information needs to be kept up-to-date on the TRS therefore if any changes are made to the Trust, such as adding, amending or deleting details, on both taxable and non-taxable Trusts; you will have 90 days from the creation of a trust, or from the date of any changes made to report the relevant information on the Trust Registration Service.

If the Trust is liable to tax for any year it must be declared on the trust register that the details of the associated people are up-to-date, this will be required whether changes have been made or not.

How can Essendon help with Registering My Trust?

Essendon can support you as an Agent and register your trust on your behalf. If this is something you require please contact us to discuss the options available.

We can also help you register your trust yourself. If you require support please contact us.