{"id":7121,"date":"2022-08-01T12:19:26","date_gmt":"2022-08-01T11:19:26","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=7121"},"modified":"2022-07-20T11:34:43","modified_gmt":"2022-07-20T10:34:43","slug":"trust-registration-service-update","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/08\/01\/trust-registration-service-update\/","title":{"rendered":"Trust Registration Service update"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>The Trust\nRegistration Service (TRS) opened in 2017 with the aim of digitalising the\ntrust registration process. Following the UK\u2019s adoption of the EU\u2019s Fifth\nAnti-Money Laundering Directive (5MLD) in 2020, changes to the TRS were\nrequired in order for HMRC to fulfil its obligations under the new regulations.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>The new rules\nrequire all UK express trusts and some non-UK trusts (including most\nnon-taxable trusts) to register with HMRC. The TRS began accepting\nregistrations from non-taxable trusts in September 2021, with an initial\ndeadline of 10 March 2022. Due to delays in getting the TRS prepared, this\ndeadline was later amended to 1 September 2022.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Rules\nrelating to non-taxable trusts <\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>The September\n2022 deadline applies to all trusts that existed on or after 6 October 2020 \u2013\neven if they are now closed. Following this deadline, all new trusts (and any\nchanges to the details of existing trusts) must be registered within 90 days.\nIn order to not penalise trusts set up close to the September 2022 deadline,\nhowever, the 90-day rule will also apply to trusts set up on or after 2 June\n2022.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Which\nnon-taxable trusts are exempt?<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>There are some\ntrusts that are exempt from registration unless they pay UK tax. Some examples\ninclude trusts used to hold money or assets of a UK-registered pension scheme,\ntrusts holding life insurance and other policies that pay out upon a person\u2019s\ndeath, charitable trusts and will trusts.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>We understand\nthat the rules relating to trusts are complex, so please don\u2019t hesitate to\ncontact us if you are unsure.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>The value\nof investments and income from them may go down. You may not get back the\noriginal amount invested. A pension is a long-term investment. The fund value\nmay fluctuate and can go down. Your eventual income may depend on the size of\nthe fund at retirement, future interest rates and tax legislation.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Trust Registration Service (TRS) opened in 2017 with the aim of digitalising the trust registration process. Following the UK\u2019s adoption of the EU\u2019s Fifth Anti-Money Laundering Directive (5MLD) in 2020, changes to the TRS were required in order for HMRC to fulfil its obligations under the new regulations. The new rules require all UK [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":7122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,88,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7121"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=7121"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7121\/revisions"}],"predecessor-version":[{"id":7123,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7121\/revisions\/7123"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/7122"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=7121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=7121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=7121"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=7121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}