How the Trust Registration Service relates to charitable trusts

07 December 2017

There has been considerable coverage surrounding HMRC’s new Trust Registration Service (TRS), but what has been less apparent is that the requirement to register extends, in some cases, to charitable trusts.

Charitable trusts may be caught by these requirements where they have incurred a liability to pay a relevant UK tax. For example, if a charitable trust has incurred stamp duty on the purchase of investment assets.

Should trustees not have an immediate requirement to register, they will need to review the conditions for registering on an annual basis, as they may find that in later years the trust is required to register. Once registered there is a requirement to review and update the register annually.

A tight deadline of 5 January 2018 has been set by HMRC for qualifying trusts which have been set up in the tax year 2016/17. Qualifying trusts set up before this period are required to register by 31 January 2018.

If you need assistance in determining whether your charitable trust is required to register, or you need assistance with registering, please contact your UHY charity specialist.