New Trust Registration Rules 2022

Published / Last Updated on 09/03/2022

In a previous video a couple of years ago we warned you about HMRC’s new Trust Register and the need for certain types of trust that needed to register with HMRC.

In very simple terms most trusts that are discretionary trusts or trusts that become liable to income tax, capital gains tax or inheritance tax. 

At the time, for what we have advised on or arranged, most life insurance policies that were in trust or investments in discounted gift trusts or inheritance loan trusts that were set up with an absolute or bare trust did not need to register as none of them generate income tax, capital gains tax or inheritance tax liabilities currently.

This is still confirmed of HMRC’s website today at

Just two weeks ago, we started to be contacted by investment providers that HMRC had appeared to have changed its stance meaning that many trusts that were exempt from registration may now have to register.

We contacted HMRC this week for clarification.

HMRC confirmed, despite it still not being on the website, that so called ‘Express Trusts’ must register even if no income, gains, or inheritances have been created currently. 

What is an Express Trust?

  • A trust that has been set up with a formal deed i.e., it was fast to set up with a simple deed, captures virtually all discounted gift trusts or inheritance loan trusts.
  • Express trusts that are still non-taxable trusts need to register by 01/09/2022.

If you have set up a discounted gift trust or inheritance loan trust, you now need to register that trust.

Why the changes? Russia?

We have no idea but our best guess is a carry over from the Registration of Overseas Entities Bill 2018, since replaced after lockdown by the currently rushed through Economic Crime (Transparency and Enforcement) Bill 2022.  This is an additional effort by the UK government to tighten up on knowing the whereabouts of and ownership of assets inside trusts and in particular we think for Russian Oligarchs.

Register with the Trust Registration Service (TRS)


Call 0300 123 1072

Important Note:  When registering your trust remember to choose the option ‘none-taxable express trust’.  This will mean you do not receive self assessment tax return requests each year from HMRC.  If, at a later date, the trust does become liable to income tax, capital gains tax or inheritance tax, the status of the trust must be changed, and tax returns filed.

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