TRSM21040 - Types of trust that need to be registered: contents: introduction and definitions: contents: legislative basis for registration

The requirements for registration are set out at Regulation 42, 45 and 45ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

Trusts that may be required to register on the Trust Registration Service (TRS) are referred to in the legislation as ‘relevant trusts’. A ‘relevant trust’ is defined at Regulation 42 as:

(i) a UK trust which is an express trust;

(ii) a non-UK trust which is an express trust; and

(a) receives income from a source in the United Kingdom; or

(b) has assets in the United Kingdom, on which it is liable to pay one or more of the taxes referred to in regulation 45(14);

(iii) any other non-UK trust which is an express trust, is not a trust listed in Schedule 3A (excluded trusts) and whose trustees (in their capacity as such)—

(a) acquire an interest in land in the United Kingdom; or

(b) enter into a business relationship with a relevant person, where at least one of those trustees is resident in the United Kingdom and the trust is not an EEA registered trust;

Regulation 45 provides that relevant trusts must register with TRS if they are liable to UK taxation in any year.

Regulation 45ZA provides that relevant trusts must register with TRS if they meet any of the three definitions as a Type A, Type B or Type C trust. This manual does not generally refer to these trust types but sets out the same reasons for registration when referring to a registrable express trust.