Legal responsibility for registration falls on the trustees, and it is a matter for trustees to decide and appoint a lead trustee to do this. Alternatively, trustees can appoint an agent, such as a solicitor, to register the trust.
The trustees are required to keep accurate and up-to-date written records of the beneficial owners, including settlors (the persons who established the trust), trustees, and beneficiaries. The lead trustee is also obliged to keep the register updated each year or when certain specific events occur.
The trustees are required to keep accurate and up-to-date records of the beneficial owners, settlors (the persons who established the trust), trustees, and beneficiaries. The government website provides more detailed information on the responsibilities of trustee’s Responsibilities of a trustee* – April 2025 GOV.UK
An express trust is a trust created deliberately by a settlor, usually in the form of a document such as a written deed or declaration of trust. Express trusts can be created:
- to take effect during the settlor’s lifetime; or
- by will, to take effect on death
The government website provides more detailed information on the definition of an express trust What is an express trust?
Some Trusts are exempt from the requirement to register with TRS. Please review the HMRC website Excluded express trusts for further guidance on exempt Trusts. We have provided some examples of the more common exemptions that might be experienced on Standard Life products:
- trusts created by will to hold property of the estate of a deceased person
- Trusts of life policies which payout only on death, terminal or critical illness, permanent or temporary disablement, or to meet the cost of healthcare of the assured
- UK registered pension schemes
- A Trust where a disabled person is the beneficiary
- A Trust created through a court order
It’s a legal requirement to register and keep the details up to date. Registering a trust is a relatively new requirement and HMRC recognise that trustees may not be familiar with the process. If it’s found that a trust has not been registered or kept up to date, HMRC will issue a timeframe for correction of the situation. If that timeframe is not adhered to HMRC can charge a £5,000 penalty. Penalty charges are issued on a case-by-case basis. See When HMRC will issue a penalty charge for not registering or maintaining a trust.
It’s a legal requirement to register and keep the details up to date. Registering a trust is a relatively new requirement and HMRC recognise that trustees may not be familiar with the process. If it’s found that a trust has not been registered or kept up to date, HMRC will issue a timeframe for correction of the situation. If that timeframe is not adhered to HMRC can charge a £5,000 penalty. Penalty charges are issued on a case-by-case basis. See When HMRC will issue a penalty charge for not registering or maintaining a trust.
HMRC classifies Standard Life (and their investment company peers) as “Relevant Persons” under the Money Laundering Regulations. This means that, amongst other obligations, we must:
- Obtain and review the trust’s proof of registration on TRS
- Conduct a discrepancy check
- Report any mismatches to HMRC
- Not process any transaction until anti-money laundering obligations are met
Trustees will need to provide evidence of trust registration at certain points during a policy’s lifetime. We will need to see proof before we can act on requests like putting a policy into trust, altering existing Trusts, altering bank details, paying money out or accepting new money in.
We will not be able to act on specific requests such as;
- Putting a policy into Trust
- Altering an existing Trust
Yes. If any changes are made to the trust the register will need to be updated within 90 days of the event.
For example:
- a change of trustee or beneficiary
- change of name or identity
In the event that there a no surviving trustees, executors of the last surviving trustee can either complete a registration or appoint a legal or financial adviser to do the registration on their behalf.
Executors have the ability to act as a trustee but are not legally appointed trustees. Therefore, they should not register themselves as trustees, unless they have been appointed as a trustee by legal documentation.
Executors will need to log into the HMRC website through the Trustee government gateway. For specific details on what should be registered, please contact us through either of the following means.
- Post: Standard Life House, 30 Lothian Road, Edinburgh, EH1 2DH
To start the registration process, please follow either of the below links:
Once you have obtained the completed and correct evidence of registration, you can send us the document via the following options.
- Post: Standard Life House, 30 Lothian Road, Edinburgh, EH1 2DH
If the lead trustee does not have access to online services, one of the other trustees can register the Trust on their behalf. If all of the trustees are unable to use the digital service, the lead trustee should call the Trust Helpline 0300 123 1072 or write to HMRC at the following address: HM Revenue and Customers, Trusts, BX9 1EL, for help and support.
If the advisers on the helpline are unable to help they’ll ask HMRC’s Extra Support team to offer further support.
