The trust registration service – a time to act

Following changes made to HMRC’s trust registration service (TRS) which took effect on 1 September 2021 most existing and new trusts will now need to be registered on the TRS. The deadline for registration is 1 September 2022 or within 90 days of the date of creation of the trust whichever is the later. This means it is important for advisers who have clients with trusts to consider action sooner rather than later.

Following the introduction of the Money Laundering Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017 the TRS was introduced to counter concerns that money can be ‘hidden’ inside legal vehicles such as trusts and companies. The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations SI 2020/991 which came into effect on 6 October 2020 expanded the scope of the TRS. However in order to accommodate...