About the HMRC Trust Registration Service
Please note the information on this website is HSBC’s understanding as at 1st April 2023 of the relevant laws, regulations and industry guidance and it does not constitute legal or tax advice and you should obtain your own advice. Read more
How to register the trust?
Firstly, the lead trustee will need to obtain an organisation Government Gateway user ID and password. Details on how to get a user ID, what information is required and where to register the trust can be found at: www.gov.uk/guidance/register-a-trust-as-a-trustee
The lead trustee once signed into the Trust Registration Service will need to provide answers to a number of questions concerning the trust, the settlor, the trustees, and the beneficiaries.
Once the trust is registered, the lead trustee can then select “Get evidence of the trust’s registration” and can print or download a digitally signed PDF letter from HMRC confirming that the trust has been registered and providing details about the trust, the trustees, the settlor and the beneficiaries. This letter must be sent to HSBC Life and the financial adviser as part of the anti-money laundering laws.
What information will be required to register the trust?
The following information is required for the trust registration:
◦ The name of the trust and date created
◦ Information on the settlor, including name, date of birth and nationality
◦ Information on the trustees, including name, date of birth, nationality, national insurance number, and for the lead trustee their address, email address and telephone number
◦ Named beneficiary details for absolute or bare trusts
◦ For discretionary trusts, a description of the class of beneficiaries, for example the settlor’s children and grandchildren
◦ Whether the settlor, individual trustees, or named beneficiaries have mental capacity at the time of registration
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Does the Trust Registration need to be updated?
The trustees must ensure their trust registration is up to date. Any changes such as appointing a new trustee, or an existing trustee retiring, must be notified via the Trust Registration Service within 90 days. Failure to do so may result in a penalty imposed by HMRC.