5 non run of the mill things we get asked about the Trust Registration Service

Much has been written about the Trust Registration Service (TRS). A quick online search reveals what needs done, when, and by whom. This is good, useful information for those registering, but what about those troublesome non run of the mill queries that leave trustees scratching their heads. Let’s consider five.

Q1. If a trust was in place before the TRS launched in July 2017 then is it excluded?

A. These trusts are not excluded because the new legislation expands the scope of information previously collected. 

Q2. Are non-express trusts excluded from registering?

A. Yes, but an otherwise excluded trust is required to register if it has a UK tax liability.

Q3. Does a designated account for OEICs need registered?

A. Maybe. It might just be a naming convention where the account is "earmarked" for someone (typically a young person). If so, ownership remains with the person who set the account up and therefore, no TRS obligations. If however, an account has been irrevocably designated, and a trust created (normally involving paperwork), this then introduces TRS obligations.

Q4. Which trustee is legally responsible for registering?

A. All trustees are equally responsible, but the trustees will appoint a lead trustee to deal with the registration process.

Q5. Are will trusts excluded?

A. Yes, excluded from registration for two years from date of death. If it is still in existence after that date or if at any point property is added from outside the estate, it will need to register from that date.

You can find more information on the requirements here

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