Trust registration service | 1 September 2022 deadline

Trustees of in-scope trusts (including UK-resident employee benefit trusts and employee ownership trusts) that were in existence on or after 6 October 2020 need to register online by 1 September 2022. Nominee arrangements involving employees should also be considered.

Note that there are some exemptions to the TRS requirements, including a specific exemption for tax-advantaged all-employee share incentive plans and trusts associated with Save As You Earn option schemes. 

In-scope trusts created after 1 September 2022 must be registered within 90 days, and any changes to the trust details or circumstances must also be registered within 90 days of the change.

Trustees and agents can register a trust online, and HMRC has published guidance on how to register a trust as a trustee.

For most employee trust arrangements, there is a concession allowing the trustee to describe the beneficiaries as a class (for example, all employees of a company), rather than list them with full details as is required for other trusts. An approximate number of beneficiaries in the group should also be given. HMRC's guidance confirms that when a member of a class of beneficiaries benefits from the trust, and so becomes known, their details should be provided under the TRS.

On 6 April 2022, the Law Society published guidance intended to assist in assessing whether different trust arrangements that occur in transactions (including shares held by a nominee on behalf of individuals) fall within the scope of the extended TRS. It is expected that HMRC will also update its guidance to clarify the arrangements for registering (and information to be provided) in respect of nominee or bare trust arrangements involving a number of employees. 

Please get in touch with your usual Osborne Clarke contact or one of the experts below if you have any queries or would like to discuss further.