The Trust Registration Service is an online register managed by HMRC. It contains details that the trustees must provide about the trust, the settlor, the trustees, and the beneficiaries.
The Trust Registration Service was set up in 2017 and it initially only required trustees to register if the trust was liable to pay UK tax.
In 2020, the scope of the Trust Registration Service changed as a result of the EU Fifth Money Laundering Directive. New rules which are now UK law have extended the scope of the Trust Registration Service to express trusts, which must now register by the prescribed deadlines.
An express trust is a trust created deliberately by the settlor, typically during the settlor’s lifetime. Express trusts include Discounted Gift Trusts, Loan Trusts, Gift Trusts and trusts holding an investment bond (whether a discretionary or bare trust).
Some trusts don’t have to register, for example, UK-registered pension schemes and pure protection policies.