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HMRC introduced their Trust Registration Service (TRS) in 2017. It originally applied to certain taxable trusts and required trustees to register details of these. However, the TRS has since been expanded to cover most trusts, whether or not the trustees need to pay tax.

The majority of traditional trusts require registration, including those where a person transfers their home into a trust during their lifetime, or via their Will. Where the individuals named on the title deeds to a property are different to the those entitled to the equity, this also creates a trust which requires registration.

HMRC have recently widened the scope of the TRS to include a requirement to register "residuary estate trusts", which apply to a person's estate after they have died. The residuary estate is registrable if:

  1. The Will states it is held in, on or upon "trust"; and
  2. All of the deceased's person's assets, after payment of any liabilities, tax and any specific gifts, have not been transferred to the beneficiaries within two years of death.

HMRC regularly update their guidance and it is important that trustees understand if their trust requires registration. If you are a trustee of a trust that you think may need registering on HMRC's TRS and would like to discuss your responsibilities, please contact: Joe Pegler on 01780 750673, or Charlotte Corbyn on 01780 750776 for more information.