TRSM32010 - Registration: contents: information required: contents: introduction

TRSM20000바카라 사이트痵ets out which trusts are required听to register on the Trust Registration Service (TRS).听

For all trusts required听to register, the trustees need to provide certain information on the trust, as listed in the following pages. In addition to information on the trust itself, the trustees need to provide information on the persons involved in the trust.听

The persons involved in a trust are the:听

  • settlor听

  • trustees听

  • beneficiaries听

  • any individual who has control over the trust, in some instances referred to as protectors (this is less common).听

The settlor sets up the trust and provides property for the trust. The trustees hold the trust property in their name for the benefit of the beneficiaries. Sometimes, the trust deed provides for other persons to be associated with the trust, such as a protector who may be given the power to remove and appoint trustees.听

These persons may be individuals or legal persons such as companies. Together, they are known as the 바카라 사이트渂eneficial owners바카라 사이트� of the trust.听

All trusts registering on TRS must provide information on the trust and the beneficial owners of the trust, as listed in the following pages.听

In addition, trustees of trusts which have a liability to UK taxation must provide extra information as specified at바카라 사이트�TRSM32080.听

Information missing at time of registration听

Certain types of information are mandatory听and their听absence will be classed as a material discrepancy if missing.听听

Such information must be provided within the following timescales following the completion of the registration (when the service has produced the declaration).听

Failure to provide mandatory听information may result in a penalty of 拢5000 being issued to the trustee.听

Taxable trusts created before 6 April 2021听

Information must be completed following the end of the tax year in which the trust was registered.听

All other听trusts听

Information must be completed within 90 days of the trust being registered.听

Mandatory Information听

The following information mandatory and must be provided at registration or subsequently听updated by the deadlines set out above:听听

Lead trustees: name, country of residence, nationality, date of birth听

For all individual, settlors, trustees and named beneficiaries: name, country of residence, nationality,听date of birth听

For all entities (trusts, charities, corporations etc): Name and address (including country)听

Any information that is missing听after those deadlines may be considered to be听a material discrepancy (see TRSM70050).听

Failure to provide mandatory information may result in a penalty of 拢5000 being issued to the trustee.听

Mandatory information should not be deleted听unless听it is to amend an error.听

Practicalities of gathering the required information听

In certain situations (for example if a trust was settled many years ago) it may prove difficult for trustees to obtain all the required information for all beneficial owners at the point of registration on TRS. HMRC would expect trustees to undertake all reasonable efforts to obtain the required information. Trustees should register the trust on TRS with the information they have obtained and keep a record of the steps they had taken to attempt听to obtain any missing information.听

Trustees may be requested to provide the details of any missing information following a discrepancy report.听

Requirement to provide information on previous听beneficial owners听

TRS is a register of beneficial ownership of trusts and as such should contain听information on all beneficial owners of the trust since the time that the trust became liable for registration.听

For registrable express trusts that were in existence on or after 6 October 2020바카라 사이트�(see바카라 사이트�TRSM22010), this means that all individuals who have been beneficial owners for any period of time听on or after 6 October 2020 should be recorded on TRS at the point of registration. Those individuals who have since ceased to be beneficial owners can be immediately听removed from the record. This is to ensure that TRS contains听a record of all beneficial owners from the point that the trust became liable for registration.听