Impact of new trust register regulations on taxable trusts

In my previous article (Taxation 22 April 2021) I outlined some of the changes to the trust register following new regulations introduced last year setting out the various new types of non-taxable trusts which will need to be registered. In this article I am going to look at the impact these regulations will have both on taxable trusts and who has access to the register.

Existing taxable trusts should already be on the trust register but under the new regulations must now supply some additional information to add to their record. The exact deadline by which trustees must comply with these new obligations is as yet unknown as it is dependent on when HMRC has finished upgrading the trust registration service (TRS) but is expected to be summer or autumn of 2022.

At the same time information on the register...