13 April 2017, the new Trusts Registration Service provided a single online route for trusts and estates to comply with their registration obligations.
All trusts with a UK tax consequence will need to be registered. Also, trustees must ensure and confirm the Trust Register is accurate and up to date. Trustees will need to update the register each year that the trust generates a UK tax consequence.
Any new trusts with a UK tax consequence will be required to use the registration service to obtain a unique taxpayer reference (UTR). The register will ask for details of the trust assets including address(es) and values, the identity of the settlor, trustees, protector (if any), all other persons exercising effective control over the trust (if any) and the beneficiaries or class of benficiaries.
The project is being delivered through a number of phases and initially only lead trustees or personal representatives will be able to use the Trusts Registration Service. Agents will be able to register a new trust before October 2017. The ability to update a trust that has registered on the Trusts Register will also be introduced in the autumn.