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7th July 2022
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Are you linked to a trust?

hmrc trust

Important information 

For all clients that are connected to a trust; as your financial adviser, we want to make you aware of some important HMRC requirements, that need to be actioned. 

HMRC requires virtually all trusts to be registered with their online Trust Registration Service (TRS) before the forthcoming deadline of 1 September 2022. This will apply to trusts in existence on or after 6 October 2020 even if closed before the 1 September 2022 deadline.

HMRC’s TRS is a central register of trusts and will hold details of the beneficial owners of trust assets; a requirement for anti-money laundering regulations introduced by the UK government.

Previously, trusts only needed to be registered if they had a tax liability, however these rules widen the registration requirement to virtually all trusts. Failure to register a trust may result in a penalty imposed by HMRC and it is the responsibility of trustees to comply with this new government regulation.

Deadlines for registration

The rules require trusts in existence as at 6 October 2020 and those created up to 3 June 2022 to register by the deadline of 1 September 2022. Please note that this requirement applies even if a trust has been closed. In this case, the trust would need to be registered and then the record updated to reflect the closure of the trust. New trusts created after 3 June 2022 will have 90 days to register.

Information needed for the registration 

To register, you will require the trust name, the date the trust was created, details of the settlor, trustees, and beneficiaries; all of which can be found within documents setting up the trust, such as a trust deed, Will, or Deed of Variation. Please note, for trustees of more than one trust, each trust will need to be registered under its own HMRC record.

Going forward, if there are any changes to the trust, this will need updating on the trust register within 90 days of the change.

How to register

Ascot Lloyd is unable to register a trust on a trustee’s behalf, however we have produced a Registration Guide for your convenience which we hope you will find helpful. Full details on how to register can also be found on the HMRC website at the following locations:

After registration 

A copy of the trust record from the TRS register will be required when the trustees wish to undertake business transactions, for example a withdrawal from the trust. The proof of registration will need to be provided to the money laundering regulated business together with a copy of the trust deed. If the record is incomplete or inaccurate, the business will be required to report this to HMRC. HMRC will then contact the trustees and will require the issue to be corrected, which may result in delays to trustee transactions and may potentially incur penalties.

Please rest assured that if you need any clarification on the above information, or need further advice on this matter, your Ascot Lloyd adviser would be happy to help. Please feel free to contact them in the usual way. Alternatively, you can speak to a member of the team on 0800 408 2471 or email us at: This email address is being protected from spambots. You need JavaScript enabled to view it..

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We are open for business as usual, our Financial Advisers are available on the phone so please contact us if you have any questions.

This information is based on Ascot Lloyd’s understanding of current tax and HM Revenue & Customs’ practice as at 31 May 2022. Tax rules may change and will depend on individual circumstances. This information does not constitute legal or tax advice and must not be taken as such. Ascot Lloyd can take no responsibility for any loss which may occur as a result of relying on this information.

Nothing in this communication constitutes financial, professional or investment advice or a personal recommendation.

This communication is issued by Capital Professional Limited, trading as Ascot Lloyd. Ground Floor Reading Bridge House, George Street, Reading, England, RG1 8LS. Capital Professional Limited is registered in England and Wales (number 07584487) and is authorised and regulated by the Financial Conduct Authority (FRN: 578614).