Lowes Trust Registration Guide

not be excluded from the requirements and will need to be registered UK trusts that are not excluded from registration are known as “Type A” trusts. Non-UK Trusts Under the regulations certain non-UK express trusts will also be required to register on the TRS. These are trusts that do not fall within the above list of ‘excluded’ trusts. • “Type B trusts” - Non-UK trusts which have at least one trustee resident in the United Kingdom (and not otherwise excluded from registration) and either: o Have a business relationship with a relevant person; or

o Have acquired an interest in land or property in the UK

• “Type C trusts” - Non-UK trusts where none of the trustees are resident in the United Kingdom and have acquired an interest in land or property in the UK The definition a ‘relevant person’ is a person subject to the Money Laundering Regulations and the definition of a ‘business relationship’ is where there is a business, professional or commercial relationship that arises out of the professional activities of the relevant person and is expected to have an element of duration (in HMRCs view this is at least 12 months). For Type C trusts the above definitions mean these trusts will not be required to register if their only link to the UK is through a business relationship with a UK based adviser.

Deadlines for registration (non-taxable trusts) Following delays in amending the registration service to accommodate non-taxable trusts, HMRC have confirmed that the deadlines will be as follows:

The reason for the two separate criteria under the second bullet point is that this enables trusts that were created in the 90 days before the 1 September 2022 deadline sufficient time to register. (e.g. A trust created on 26 August 2022 will have to register by 24 November 2022). In practice though, this means that non-taxable trusts created on or before 2 July 2022 will need to have registered by 1 September 2022. Any changes to the trust details or circumstances must be registered within 90 days of the change.

• For non-taxable trusts created on or before 6 October 2020 – by 1 September 2022 • For non-taxable trusts created after 6 October 2020 but before 1 September 2022 the later of: o 1 September 2022; or o 90 days from the date the trust was created • For non-taxable trusts created on or after 1 September 2022 - within 90 days

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