As of next September 1st, an increasing number of revocable trusts will have to be registered at UK’s TRS (Trust Registration Service). The TRS’ extended rules now imply the registration of:
- All trusts with tax obligations in the United Kingdom, even in cases of trusts other than express trusts.
- All express trusts in the UK, except in cases exempted by Law.
- Non-resident express trusts in the UK, except in cases exempted by Law, as in the following cases:
- When the trustee, or at least one trustee, is a resident of the United Kingdom.
- Upon the existence of connections to the United Kingdom. Even when revocable trusts are unlikely to own lands in the UK, the trust might have the obligation to be registered by virtue of having the other possible connection with that country, which may only occur when there is at least one trustee residing there.
A trust will also have the connection required when the trustees, in their capacity as such, have established a business relation –since October 6th, 2020, and including a duration element– with a relevant entity in the UK (such as financial entities, or legal and accounting services, among others).
For further information, click here.