Jurisdiction(s):
United Kingdom

Related legal acts

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...

UK Trust Registration Service (TRS): Exclusions from registration under the Money Laundering Regulations 2017–2022, with HMRC guidance, deadlines and practical points for private client practitioners

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Practice notes

HMRC's online Trust Registration Service (TRS)

HMRC’s online Trust Registration Service (TRS) was created to give effect to the Money laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, and to further HMRC’s digital agenda for tax transparency. MLR 2017, SI 2017/692 was later amended by the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (MLR 2020), SI 2020/991. Together, MLR 2017 and MLR 2020 implement the EU’s Fourth Anti-Money Laundering Directive (EU) 2015/849 (4MLD) and Fifth Anti-Money Laundering Directive (EU) 2018/843 (5MLD). On 15 March 2021, HMRC confirmed that the original 10 March 2022 deadline for registering trusts with the TRS, where registration is required by 5MLD and MLR 2020, SI 2020/991, would be pushed back by roughly 12 months from the delivery date of the expanded TRS. The expanded TRS opened to all users on 1 September 2021. It was also stated that non-taxable trusts in being on or after 6 October 2020 must register by 1 September 2022, and that trusts have 90 days to update the TRS when changes arise for both taxable and non-taxable trusts...

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Web page updated on 22/05/2026

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