UK’s new Trust Registration Service launches

The Trusts Registration Service (TRS) from the UK’s HMRC is a new service that will provide a single online route for trusts and complex estates, to comply with their registration obligations and to obtain their Self-Assessment (SA) Unique Taxpayer Reference (UTR).   Trusts that are required to register with HMRC are now required to do so through the TRS.

A trust has be to be registered when there is a liability to pay a relevant UK tax.

The trust can be a lifetime trusts or established when provisions of a will lead to a trust being set up.  This could, be a nil rate band discretionary trust, a disabled person’s trust or a general discretionary trust.  Also a trust where money is held for a minor or for a beneficiary pending him reaching the vesting age stipulated in the will.

It is an online single registration, replacing a large volume of forms previously required.

If you require further information, please contact Wills Worldwide for a fact sheet.