Anyone who is a Trustee of a Trust has lots of responsibilities to the Trust. From looking after the assets in the trust and insuring them to working with beneficiaries and making sure any taxes due are paid.
New rules mean that Trustees now also need to ensure that almost all Trusts are registered with the Trust Registration Service (TRS). This is to be done within 30 days of creation or by 1st September 2022.
Trusts which previously didn’t need to be registered with HMRC or elsewhere now need to be registered with the TRS – this even includes most non-taxable trusts and pilot trusts with only a small amount of money held in them.
There are a few exceptions such as disabled person’s trusts or a trust created by a court order but Trustees should be careful to check what rules apply to their Trust.
If you have registered a Trust previously then you should check that the registration is up-to-date and complies with the new rules.
Who is Responsible for Registering the Trust?
All the Trustees are responsible for registering the Trust but you should select one person to be the Lead Trustee who will register the trust online and keep the registration up-to-date.
How do I register the trust
Trusts are registered online. You can start here – https://www.gov.uk/guidance/register-a-trust-as-a-trustee
Information Needed to Register the Trust with the TRS
Before you start the process you will want to get the following information together which you may be asked about as part of the registration process.
Information regarding the Trust
- Name of the Trust
- Trust Creation Date
- What type of Trust is it e.g. Will Trust, Discretionary Trust or Property Trust etc.
- Has the Trust acquired land or property in the UK since 6th October 2020?
- Is the Trust Registered on the Trust Register of any countries within the European Economic Area (EEA)?
- Are the Trustees based in the UK?
Information regarding the Settlor – This is the person who set up the Trust
- Full Name
- Date of Birth
- Date of death (for deceased Settlors)
- Nationality
- Country of Residence
- Whether they have Mental Capacity.
If the Settlor is an organisation, then you will need to know the name of the organisation as well as the country it is based in
Information regarding Trustees and Beneficiaries
- Full Name
- Date of Birth
- Nationality
- Country of Residence
- Mental Capacity.
The TRS requires a Lead Trustee to be nominated. Therefore, the following additional information will need to be provided relating to the Lead Trustee:
- National Insurance Number
- Contact Number
- Address
- Email address
Information about the assets in the Trust
This will vary from trust to trust.
Upon completing the registration of your Trust, you will receive a Trust Registration Number. You should keep this and your log in details safe as you may need to use them in the future.
Upkeep of Trust Registration
It is important to note that the Trustees are also responsible for updating the Trust Register following any changes to the Trust. This could be a change of Trustees or Beneficiaries or a change in the structure of the Trust. The Trustees must update the TRS of any change within 90 days of the amendment to the Trust.
Advice
Most Trustees are able to register a Trust reasonably quickly online once they have all the information together, however you may want some professional advice.
If you have an accountant, you may want to speak to them as they may have registered the Trust on your behalf.
If Gamlins Solicitors LLP can assist you in any way, please contact our Bangor office to speak to our Trusts specialist, Carolyn Samuel – 01248 672414.
