TRS mandatory for all existing trusts

For all existing trusts that incurred a tax liability during 2016/17, the trustees are required to register using the Trust Registration Service (TRS). This applies even if you have submitted a 41G form. So what’s involved? We explain what a tax liability is and how to register a trust, and provides the upcoming deadlines.

What counts as a tax liability?

A tax liability is anything you are required to pay tax on. This includes income tax, capital gains tax, inheritance tax, stamp duty land tax, stamp duty reserve tax or land and buildings transaction tax (Scotland). Note that if there is no tax to pay due to the availability of reliefs, the trust is not required to register using the TRS.

How do I register a trust?

Use the link below to register a trust. You?ll need an agent services account and details of assets put into the trust, including the date they were put in. You will also need the name, address, date of birth and NI/passport number of any individuals in the trust. You can only register two settlors online. Details of additional settlors must be sent to HMRC by post.

When is the deadline for 2017/18 and later years?

New trusts must register by 5 October in the tax year after the trust starts to pay income tax or capital gains tax for the first time. Existing trusts must register by 31 January if the trust incurred a tax liability in the previous tax year.

Register your trust via Government Gateway.