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Need legal advice now from a trust solicitor?
Call, email or provide us with a few details of your matter, and we’ll help you arrange an initial consultation. You’ll get:
- Unlimited time to discuss your wishes with an experienced trust registration solicitor
- An outline of which route you’ll need to take to register your trust
- Upfront cost and time estimates for your trust registration
Unlimited time to discuss your wishes
An outline of the ways to register your trust
Guidance through the entire process
Cost and time estimates for your trust registration
Commonly asked questions on trust registration.
HMRC recently changed its requirements to say that trustees of most types of trusts must register with HMRC from 1 September 2022 or face penalties.
To help understand your obligations, our solicitors have answered some of the most commonly asked questions regarding trust registration to ensure that you understand the process and the stages you’ll have to go through.
1. Why do I need to register a trust?
You must register your trust with HMRC as:
- They will need to check your trust complies with anti-money laundering regulations and other checks.
- You will need to get a Unique Taxpayer Reference (UTR) for your trust. You’ll need this when filling in a Self Assessment tax return for example.
The responsibility for registering a trust lies with the trustees. If you’re a trustee and need help with the registration process, call our solicitors now on 0203 007 5500.
2. When do I have to register a trust?
- Capital Gains Tax
- Income Tax
- Inheritance Tax
- Stamp Duty Land Tax
- Stamp Duty Reserve Tax
- Land Transaction Tax (only in Wales)
Moreover, you may still have to register even if your trust is not liable to taxation. This includes:
- All UK express trusts (unless they have been specifically excluded)
- Non-UK express trusts that:
- Acquire property or land in the UK
- Enter into a business relationship within the UK and have at least one trustee resident located in the country
If you have a non-resident trust (i.e. the trust does not reside in the UK), you must register it if any income it receives from the UK becomes liable for taxation.
3. When do I not have to register a trust?
You do not need to register your trust if it doesn’t meet any of the criteria below. This includes if:
- It is used to hold life or retirement policies that only pay out on death, terminal illness, permanent disablement or to cover the healthcare cost of the person assured.
- It is used to hold money or assets of a UK-registered pension scheme
- The trust is registered as a charity in the UK or not required to register as a charity
- It holds insurance policy benefits received after the death of the person assured (applicable until two years after the death of the assured.)
- It is a co-ownership trust that holds shares of property or assets that are owned by 2 or more people for themselves.
- The trust is for bereaved children under 18 or adults aged 18 to 25, and was created under the will of a deceased parent or the Criminal Injuries Compensation Scheme.
- The trust was set up before 6 October 2020 and holds £100 or less. Any pilot trusts set up after this date will need to register.
- It is a financial or commercial trust, created for professional services or business transactions for holding money for clients or other assets.
If one of these applies to your trust, and becomes liable for UK taxation, you will then need to register it.
There are other examples of trusts that are excluded from registration, including express trusts or trusts created by legislation. It is best to consult a solicitor on whether your trust requires registration in order to avoid any potential legal consequences.
If you’re unsure whether or not your trust needs to be registered, our solicitors can help. Call us directly on 0203 007 5500 to get in contact with one of our specialists.
4. When must a trust be registered by?
The timeframe you need to follow when registering depends entirely on the type of trust you have. This is determined by the date the trust was made and if the trust is liable to taxation or not.
| Trust type | When does it need to be registered? |
|---|---|
| Non-taxable trusts created on or before 6 October 2020 | Register on or before 1 September 2022 |
| Non-taxable trusts created after 6 October 2020 | Register within 90 days of the trust being created or when it became liable for tax |
| Taxable trusts created on or after 6 April 2021 | Register either within 90 days of the tax being created or when it became liable for tax (whichever is earlier) |
| Taxable trusts created before 6 April 2021 that are liable for either Income Tax or Capital Gains Tax for the first time | Register the trust on or before 5 October in the tax year after the one in which the trust start to recieve any income or capital gains, making it liable for taxation |
| Taxable trusts created before 6 April 2021 that have been liable for Income Tax or Capital Gains Tax before | Register the trust on or before 31 January in the tax year after the one in which the trust start to recieve any income or capital gains, making it liable for taxation |
| Taxable trusts created 6 April 2021 that are liable for other taxes | Register on or before 31 January in the tax year after the trust becomes liable to other taxation, such as Inheritance Tax. If liable for more than one tax, you must register before the earlier of the two deadlines. |
5. What happens after registration?
Once registered, the HMRC will send the lead trustee a UTR within 15 working days. You’ll need this to start filing Self-Assessment tax returns.
If your trust is not liable to taxation, you can get your URN by going back into the online service once you have completed registration.
6. Why should I consult a solicitor when registering a trust?
Instructing a solicitor to help you with trust registration makes the process much easier. By allowing experts to guide you through the process, you can avoid fines or potential setbacks that you might encounter by doing so alone.
If you need an experienced trust registration solicitor, contact our team by calling 0203 007 5500 or sending an email to info@brittontime.com.
7. Can you also help with creating a trust?
Yes – our trust solicitors can help with creating a trust. To make the registration process easier, we can also do this for you upon its creation.
Whoever helped to create the trust holds no bearing on if they’re needed for registration. Our solicitors can help whether your trust was made by us or elsewhere.
Need legal advice now from a trust solicitor in London or Brighton?
Tell us about your case and we’ll get back to you the same day.
Meet our expert wills and probate team.
Elisabeth Squires
Head of Private Client
Darian Wielink
Paralegal
Why Britton and Time Solicitors?
Trusts and trust registration are our private client team’s speciality. Our trust solicitors can assist with a wide range of trusts of varying complexity. When it comes to your trust registration, we’ll always guarantee:
Award-Winning Service.
You are our priority, and the law is our speciality. Our award-winning solicitors in London and Brighton ensure you know exactly where you stand from a legal perspective so you can make a well-informed decision.
Full Billing Transparency.
No fee surprises. Ever. Our solicitors will inform you from the outset on how much your trust registration will cost, and we will do everything in our power to keep costs down and within your original fee estimate.
Regular Communication.
With fortnightly updates on your case, you’ll never be left in the dark. Our solicitors in London and Brighton ensure you know exactly how your trust registration is progressing and are with you every step of the way.
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There are three things that make Britton & Time, and in particular Paul, stand apart from other law firms: knowledge, communication and a will to win.
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Need assistance with trust registration?
Call, email or provide us with a few details of your matter, and we’ll be able to help you the same day.