From 6 October 2020 new legislation brought more Trusts within the scope of the Trust Registration Service (TRS). This requires more Trusts to be registered, and make annual declarations.
For many Trusts, the need to register has been in place since 2017. The new legislation encompasses arrangements that you might not expect, such as:
- Some bare Trusts (i.e., where you hold assets on behalf of somebody else, such as your spouse or child)
- Pilot Trusts
- Investment bonds that are placed in Trust
- Settlor interested Trusts
- Will Trusts
- Employee Benefit Trusts
- Some Overseas Trusts
For most Trusts, the registration deadline is 1 September 2022.
Where we directly act for a Trust, we have been liaising directly with the Trustees regarding their obligations.
However, many other arrangements will be caught by these rules and you may need to take action to ensure you comply with the new rules.
