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Since 2017 HMRC have required any tax-paying Trusts to be registered with them through the online Trust Registration Service (TRS).
The latest UK Money Laundering Regulations have now extended this requirement to include most non-taxable Trusts which also now need to be registered on the TRS. This is to comply with the 5th Anti-Money Laundering Directive.
Any existing non-taxable Trust must be registered by 1 September 2022. Any new Trust must register by 1 September 2022 or within 90 days of being created (whichever is later). This means that a Trust set up before 4 June 2022 will have to be registered by 1 September 2022. Any Trust set up from 4 June 2022 will have to be registered within the following 90 days. For this reason, registering a Trust on the TRS will become a requirement in the process when advising on all new Trust business. Any changes made to the Trust (change of Trustee, Beneficiary etc) must also be notified to the register within 90 days of the change.
HMRC provides a full list of Trusts that are excluded from registration, but generally speaking all SJP Trusts; including Gift Plans, Discounted Gift Trusts (DGT), Loan Trusts, Asset Preservation Trusts (APTs) and Designated Unit Trusts require registration.
Exceptions are:
• Asset Preservation Trusts set up before 6 October 2020 that hold assets worth less than £100
• Trusts where the only asset is a protection plan (a policy that only pays out on death, terminal or critical illness or disablement or to meet healthcare costs)
• Trusts holding the benefits from a policy received after the death of the life assured, providing the benefits are paid out from the Trust within two years of the death
For help registering your Trust, watch this video:
Less well-known is that children can also have a pension fund as soon as they are born – and setting one up can bring significant tax advantages. Even if your child is a non-taxpayer, they will still get basic-rate tax relief on contributions. That means a maximum of £2,880 a year is automatically grossed up to take account of tax at 25%, giving an annual investment of £3,600
