What is the Trust Registration Service?
The Trust Registration Service is HMRC's register of trusts. Most UK express trusts must register and keep their details current, whether or not they have any tax to pay. A limited set of trusts is excluded, including many life policy trusts and will trusts wound up within two years of death.
Registration captures the settlor, the trustees, the beneficiaries or class of beneficiaries, and the assets settled. Trustees are responsible for it, and for updating it whenever details change.
Deadlines are short — broadly 90 days from creation or from a change — and penalties apply for persistent failure. Banks and other obliged entities are expected to see proof of registration before opening accounts for a trust, so in practice it is not optional.
The exclusions list is narrower than people assume and has changed since the register launched. Assume registration is required and check the exclusion, not the other way round.