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  • Writer's pictureMichael Roberts FPFS

Important information for Trustees

Updated: Jun 22, 2022

As part of European-wide anti-money laundering regulations, most trusts are now required required to register with HMRC's Trust Registration Service (TRS).

If you are a trustee of a trust that needs to be registered, you must do so by 1st September 2022, or within 90 days of the trust being created, whichever is the later.

In general, the following types of trust will need to register:

  • An express trust

  • UK and non-UK trusts with a liability to UK taxation

  • A Designated Unit Trust (where you have set up a Unit Trust with your money for the benefit of someone else)

  • Any Trust holding the surrender proceeds of a Protection Plan. A Protection Plan that is still in force does not need to register even if it has a surrender value, unless it has a tax liability

Once registered, it is necessary to keep the TRS up to date with any changes, for example a change of trustees. Changes must be notified to TRS within 90 days.

Failure to register the trust or maintain the TRS with any changes may result in a fine.

Thankfully, there is an exclusion for protection policies (such as life cover) held in trust. These trusts generally do not need to be registered, while the protection policy remains in force (ie the life assured is still alive). However this does not apply if the trust has a tax liability to pay.

It is worth noting that, in general, Funeral Plans do not qualify for the above exclusion, since these are generally not life assurance policies.

Here at Spend Time we have a great deal of knowledge with trusts and, whilst we are not able to act as agent to register a trust on behalf of trustees, we have put together a pack of information to help with the registration process. If you would like to receive this pack, please get in touch.

Alternatively, we are able to make an introduction to several local accountancy or legal firms who are able to act as agent for the trustees in registering.

We are proactively contacting our clients to assist with this, where we believe registration is necessary.

If you have any questions with regards to your trust and would like guidance as to whether it will be necessary to register, please get in touch.

Best wishes,

Michael Roberts FPFS

Chartered Financial Planner and Director

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Please refer to our Legal Declarations page.

Trusts and Trust advice are not regulated by the Financial Conduct Authority.

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