TRSM23120 - Types of trust that need to be registered: contents: excluded express trusts: contents: approved maintenance funds for historic buildings

Approved maintenance funds for historic buildings are excluded from registration as express trusts (Sch3A(17) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017).

A maintenance fund is a special type of trust which is primarily for the maintenance of an outstanding historic building including any associated amenity land and objects. Alternatively, the trust may be for the maintenance of land of scenic, scientific or historic interest.

The responsibility for deciding whether the historic property is of sufficient historical significance lies with HMRC. If the relevant provisions apply, HMRC will issue a direction under Paragraph 1, Schedule 4 Inheritance Tax Act 1984.

Where such a direction has been issued in relation to a trust holding a maintenance fund, the trust is not required to register as a registrable express trust.

Not all maintenance funds will qualify for favourable treatment under Schedule 4 Inheritance Tax Act 1984. Trusts of funds that do not qualify are not excluded from registration on the Trust Registration Service (TRS).

For further information, see TSEM5800.