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Digital Trust Registration

Digital Trust Registration

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About the Product

Trust registration is governed by the Trust Registration Service (TRS), which is a part of HM Revenue and Customs (HMRC). The TRS was introduced in 2017 as a result of the EU's Fourth Money Laundering Directive, which requires all EU member states to maintain a register of beneficial owners of trusts. Trusts must be registered with the TRS if they meet certain criteria. These include:
  1. The trust is a UK resident trust, and it has a UK tax liability in a given tax year.
  2. The trust is a non-UK resident trust, but it has UK source income or assets on which it is liable to pay UK tax.
  3. The trust is a non-UK resident trust, but it has a UK resident trustee.

The registration process with the TRS involves providing information about the trust, its beneficiaries, and its trustees. This information is used to create a digital record of the trust, which is then stored on the TRS database. The trustees are responsible for ensuring that the information is accurate and up-to-date, and they are required to update the information within 30 days if there are any changes to the trust. In addition to the TRS, trusts may also be subject to other registration requirements in the UK. For example, if the trust is involved in activities that are regulated by the Financial Conduct Authority (FCA), such as providing investment advice, it may need to be registered with the FCA as well. It is important to note that failure to register a trust with the TRS or to update the information on the TRS database can result in penalties and fines. Therefore, it is essential for trustees to comply with the registration requirements and keep the information up-to-date to avoid any legal or financial consequences. 

NB: This product is only available to customers who has purchased our trust products.