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HMRC’s Trust Register

Trustees have had to provide information on ‘taxable relevant trusts’ to HMRC since 2017 under regulations designed to prevent money laundering and terrorist financing. From 6 October 2020 this extended to many trusts which are not taxable. This latest update highlights the current timetable and changes.

Updated 23 March 2022

Background

A ‘relevant trust’ is a UK express trust, or a non-UK trust that receives income from a UK source or has assets in the UK, including a bare trust. All relevant trusts have had to register with HMRC if they are liable to pay any of the specified taxes in relation to the trust’s income, gains or assets.

The specified taxes are income tax, capital gains tax, inheritance tax, stamp duty land tax, the Scottish land and buildings transaction tax, the Welsh land transaction tax and stamp duty reserve tax.

Trusts that are not taxable must now also register and provide similar information unless specifically excluded. The list of excluded trusts is included in our detailed guide.

Registration timetable

Different trusts are required to register with HMRC by the following dates:

Record-keeping

All relevant trusts must maintain records in writing of the information regarding settlors, trustees, beneficiaries, etc that may have to be provided to HMRC, whether or not the trust is taxable. This therefore extends to trusts that are excluded even while they are not taxable.

HMRC’s obligations

From 1 September 2022, HMRC must make information available:

How to register and details of excluded trusts

We have put together a detailed guide on how to register and information on the excluded trusts.  You can read it here

Can we help?

If you have any questions or require help complying with HMRC’s Trust Register, please speak with your usual Shipleys contact or one of our specialists shown on this page.

Specific advice should be obtained before acting, or refraining from  acting, on the basis of this information. Speak with your usual Shipleys contact for more details and guidance.

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