Jurisdiction(s):
United Kingdom

Key definition

Trust definition

What does Trust mean? A trust is a legal arrangement in which one or more trustees hold and manage property (the trust property) for the benefit of beneficiaries. It is primarily defined by case law rather than a single statute, though key rules appear in legislation (for example, writing requirements and trustee powers). Trusts arise by express declaration (usually by a settlor), by operation of law (resulting or constructive trusts), or under statute, and are used in private client, commercial, pension and charitable contexts. Core features include: the trustee’s fiduciary duties to act loyally, prudently and in accordance with the trust terms; control...

HMRC Trust Registration Service (TRS): UK summary table of registration duties, exemptions, deadlines, update obligations and beneficial ownership information under the Money Laundering Regulations 2017–2022

Published by a LexisNexis Private Client expert

Practice notes

This Practice Note sets out when there is an obligation to register a Trust with the Trust Registration Service (TRS).

The material presented in this table is drawn from the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as subsequently amended by the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (MLR 2020), SI 2020/991, together with the Money Laundering and Terrorist Financing (Amendment) Regulations 2022 (MLR 2022), SI 2022/137. On 15 March 2021, HMRC indicated that the original deadline of 10 March 2022 for registering trusts on the TRS, where registration is mandated under the EU’s Fifth Anti-Money Laundering Directive (EU) 2018/843 (5MLD) and MLR 2020, SI 2020/991, would be deferred by around twelve months from the point at which the expanded TRS was released. The expanded TRS became accessible to all users on 1 September 2021. It was also made explicitly clear that any non-taxable trusts in existence on or after 6 October 2020 must complete their registration by 1 September 2022, that trustees have 90 days to update the TRS where any changes occur for both taxable and non-taxable trusts, and that trusts needing to...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Gemma Davies

BDO

Gemma is part of the Family Private Wealth team in BDO’s London Private Client Services team.She has over 18 years experience in the area of Trusts, Estates and Family Charities, both offshore and onshore, and is one of the firm’s champions of all aspects relating to the taxation, accounting and compliance matters of UK Trusts.Gemma works closely with other professionals, especially solicitors and corporate trustees, working with them on a wide range of projects and planning strategies for clients and their families....

Web page updated on 21/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...