Making Sense Of The Trust Register (TRS) As The TRS Clock Ticks Down

Understanding which trusts or joint ownerships need to be registered, in the light of the latest HMRC Guidance, and how TRS applies to our practices.

The potential TRS impact on probate and conveyancing work, as well as trust and tax planning, is of increasing concern to practitioners. With the anti-money laundering (AML) provisions, it is important to be clear about the registration obligations for non-taxable express trusts under 5MLD, as well as taxable trusts under 4MLD. With the limited scope of some exclusions from the need to register, the 5MLD rules can seem random and unfair, so how do they work?

• As the clock ticks down to the TRS registration deadline of 1 Sept 2022, we will explore:
  • The latest guidance in the TRS Manual and how it helps with difficult TRS issues
  • Some key points re joint ownership of land and life policies
  • What to do about trusts wound up since Oct 2020 when 5 MLD came into effect
  • Bare trusts: understanding what is excluded and those that need registering
  • When are the results of litigation matters excluded and when to register?

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer