Trusts with a registration requirement
The TRS is relevant to:
- All UK express trusts, unless they are specifically excluded.
- All non-UK express trusts, that:
- Acquire land or property in the UK on or after 6 October 2020; and/or
- Have at least one trustee resident in the UK and enter into a “business relationship” with a UK service provider.
If the trust is not resident in the UK, you must register the trust if it becomes liable for tax on income coming from the UK or on UK assets.
Non-UK trusts will not have to register if all of the trustees are non-UK residents, there’s no UK tax liability and the trust does not hold land or property in the UK directly.
If you’re a UK resident trustee of a non-UK trust, you should be aware that the trustees entering into a “business relationship” in the UK, could mean the trust has a registration requirement.