{"id":595,"date":"2022-08-19T12:35:59","date_gmt":"2022-08-19T11:35:59","guid":{"rendered":"https:\/\/www.redstarwealth.co.uk\/blog\/?p=595"},"modified":"2022-08-19T12:35:59","modified_gmt":"2022-08-19T11:35:59","slug":"changes-to-the-hmrc-trust-registration-service","status":"publish","type":"post","link":"https:\/\/www.redstarwealth.co.uk\/blog\/changes-to-the-hmrc-trust-registration-service\/","title":{"rendered":"Changes to the HMRC Trust Registration Service"},"content":{"rendered":"<p>Attention trustees, new legislation has come into force regarding the trust registration process, with a deadline of <strong>1<sup>st<\/sup> September 2022<\/strong> looming. Read on to find out more<\/p>\n<h2>What was the previous system?<\/h2>\n<p>The Trust Registration Service (TRS) was established in 2017, requiring trustees to register if their trust was liable to pay:<\/p>\n<ul>\n<li>Income tax<\/li>\n<li>Stamp duty reserve tax<\/li>\n<li>Inheritance tax<\/li>\n<li>Stamp duty land tax<\/li>\n<li>Stamp duty reserve tax<\/li>\n<li>Capital gains tax<\/li>\n<\/ul>\n<h2>New legislation<\/h2>\n<p>New legislation has been introduced meaning that most non-taxable UK trusts now also have to be registered to the TRS<\/p>\n<p>This applies to any trusts that have existed since 6<sup>th<\/sup> October 2020<\/p>\n<h2>What about trusts made after the deadline?<\/h2>\n<p>If a trust is made after 1<sup>st<\/sup> September 2022, the trustee will have to register with the TRS within 90 days<\/p>\n<h2>What about trusts that have been closed?<\/h2>\n<p>For trusts that were in existence from 6<sup>th<\/sup> October 2020 but have since closed, trustees are still required to register the trust. However, they can then immediately close the trust record<\/p>\n<h2>What does the HMRC want to know?<\/h2>\n<p>Trustees will need to tell the HMRC details of:<\/p>\n<ul>\n<li>The trust itself- any information about the assets within the trust<\/li>\n<li>Information about the settlor (also known as the trustor)- this is the person who put their assets in the trust<\/li>\n<li>Beneficaries- these are the people benefitting from the trust, who it is managed on behalf of<\/li>\n<li>Trustees- the people managing the assets in the trust. They carry out the settlor\u2019s wishes according to their will or trust deed, managing the trust on behalf of the beneficiaries<\/li>\n<li>Protectors- someone who monitors the administration of the trust by trustees<\/li>\n<\/ul>\n<p>Trustees will also have to update the trust register of any changes in the trust\u2019s details, such as a change of trustee, or an additional beneficiary, within 90 days of the change<\/p>\n<h2>What to do next<\/h2>\n<p>At Red Star Wealth, we can\u2019t do the registration for you. However, we can most certainly connect you to solicitors who do deal with the registration process if that\u2019s what you need<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Reminder that the deadline for registration is 1st September 2022<\/strong><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Attention trustees, new legislation has come into force regarding the trust registration process, with a deadline of 1st September 2022 looming. Read on to find out more What was the previous system? The Trust Registration Service (TRS) was established in 2017, requiring trustees to register if their trust was liable to pay: Income tax Stamp [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Changes to the HMRC Trust Registration Service - Red Star Wealth<\/title>\n<meta name=\"description\" content=\"New legislation has come into force regarding the trust registration process, with a deadline of 1st September 2022 looming\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redstarwealth.co.uk\/blog\/changes-to-the-hmrc-trust-registration-service\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Changes to the HMRC Trust Registration Service - 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