Everything you need to know about registering a trust before the September 2022 deadline

By Chancellor

At Chancellor, we have advised many clients in establishing and managing trust arrangements to meet their financial objectives.

In particular, we often assist with Inheritance Tax planning, helping you provide for grandchildren and minors, as well as protecting those who cannot manage their own assets without some support.

Now, the rules for managing trusts are changing. Read on to find out how to register a trust before the new deadline, and how we can help you maintain your finances in the years to come.


New rules state the majority of trusts must be registered with the Trust Registration Service

Until recently, in most cases, unless a trust created a tax liability that had to be declared to HMRC, there was no requirement to register the trust with the Trust Registration Service (TRS). However, that is all about to change.

New legislation now means that the majority of trusts, regardless of whether they create a tax liability, need to be registered with the TRS.

What’s more, time is running out. The deadline for registering a trust with the TRS is 1 September 2022, with any new trustees being required to register within 90 days of establishment.


Working with us can make the trust registration process easier

In recent months, we have been busy contacting clients who we advise on trust assets, to ensure that the new requirements are met by the deadline.

Nevertheless, we are conscious that other trusts may exist that we are unaware of, particularly where we have not been involved in their planning or maintenance.

So, if you have established a trust (which was still in existence after 20 October 2020), or have been appointed as a trustee at any point in the past, you may need to register your trust in the coming weeks to comply with the new regulations.

There are some exemptions to the new legislation, meaning not all trusts need to be registered – including pension schemes and trusts that hold life policies only.

However, if you are in any doubt as to whether the new requirements affect a trust that you are involved with, then please contact your usual adviser who will be happy to help you.

Remember, the deadline is 1 September. If you have yet to register a trust with the TRS, now is the time to contact us for guidance.


Get in touch

To answer any questions about registering a trust with the TRS, or for any other financial advice, email info@chancellorfinancial.co.uk, or call 01204 526 846 to speak to an adviser.


Please note

The Financial Conduct Authority does not regulate trusts, estate planning, tax planning or will writing.