This website uses cookies, by continuing to browse the site you are agreeing to our use of cookies. View our privacy policy.
WS News story image

Registering trusts with HMRC

13 March 2024 • HMRC

Do you or your family have a trust fund? If so, did you know that, whether taxable or not, virtually all trusts must now be registered with HMRC? If you did not know this, you are not alone as it has not been widely publicised.

What is a trust?

A trust is a way of managing assets (money, investments, land or buildings), protecting and preserving these assets and potentially controlling how they are distributed. They are often set up to provide income to a beneficiary, such as a spouse, a child, or someone with health conditions or disabilities. They can also be used to protect an asset until the beneficiaries either come of age, or to designate funds for certain purposes, such as healthcare treatment or education. There are several types available, the main ones being, express trusts and relevant property trusts.

Since when has registering been mandatory?

Registering a trust first became mandatory in September 2022 and initially the emphasis was on overseas trusts to help prevent money laundering, but it now applies to most UK resident trusts.

So far, HMRC has taken a ‘soft approach’ to this, however things are changing. It is therefore highly advisable to check whether any trusts you do have are registered.

We can help

Registering a trust can be time-consuming and complex, requiring a lot of information, including the name, address, National Insurance number and Unique Tax Reference (UTR) number for each and every trustee and beneficiary. Warrener Stewart offers a stand-alone trust registration service, and because we know exactly what is required, we can get everything sorted quickly and efficiently on your behalf.

As experts in taxation and accountancy, we can also offer advice and guidance on the best way to deal with any unexpected questions or challenges that might crop up along the way, helping ensure your trust is registered correctly.

Is a trust the best way forward?

It has come to our attention that some people are maintaining trusts that they don’t actually need. These may have been set up years ago, and for all the right reasons, but times have changed and so have the regulations. In some cases, the administration and fees associated with running a smaller trust can actually outweigh the benefits, making it more cost efficient to extract the funds and invest or distribute the assets in some other way. Our expert tax accountants will be able to take a look at your funds and offer advice on the best way forward.

So, if you or your family do have a trust fund, and you are not sure whether it has been, or needs to be registered with HMRC, the best thing you can do is speak to an accountant. Our friendly team is always happy to help – just call 020 7731 6163 or email

“Attention to detail, breathtaking practicality, demonstrable value and practical implementation has been a Warrener Stewart USP that we've enjoyed and now couldn't live without.”
James Beagrie - Meon Valley Travel Group