Trust Registration Service (TRS) – updated HMRC guidance published

HMRC has published new guidance on the extension of mandatory registration for non-taxpaying express trusts. Although it isn’t yet possible to register a non-taxpaying trust, this guidance reiterates the types of trust that will and will not need to be registered (non-taxpaying trusts by 10 March 2022 - unless the trust becomes a taxpaying trust before then).

So, although this HMRC guidance doesn’t contain new information it does provide a useful reference source. It lists the trusts that are exempt from being registered (although if the trustees of such a trust become liable to pay UK income tax, capital gains tax, inheritance tax, Stamp Duty Land Tax (or Scottish/Welsh equivalents) or Stamp Duty Reserve Tax, the trust will need to register so that the necessary trust tax return can be issued).

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