Introduction of the Trust Registration Service (TRS) - what it may mean for you
The Trust Registration Service (TRS) was introduced by HM Revenue & Customs in June 2017 to comply with the EU Fourth Anti-Money Laundering Directive. The Trust Registration Service requires completion of an online form providing information relating to the trust, its settlor, trustees and beneficiaries. Initially, registration was only required for trusts with a tax liability.
However, with the initial application of the Fifth Anti-Money Laundering Directive to UK law completed in January 2020, the requirement to complete TRS will soon be expanded to include any trust, regardless of tax liability, with few exceptions. Implementation of the revised rules was delayed due to an extended period of consultation with the professional bodies. However, the consultation phase is now complete and the appropriate legislation has gone before the House of Commons. We foresee the requirement for all trusts to register becoming law in the next few months.
We have a dedicated team who are able to undertake completion of the initial online TRS form and any ongoing amendments ensuring trustees continue to meet their reporting obligations.
If you think your trust may be subject to a TRS reporting requirement, or are not sure, do get in touch.