TRSM25040 - Types of trust that need to be registered: contents: registrable taxable trusts: contents: interaction between registrable taxable and registrable express trusts

As set out at TRSM20000, a trust may fulfil the registration requirements as both a registrable taxable trust and a registrable express trust. There are different information and data sharing requirements for when a trust meets either or both of these definitions.

Example

The Roseacre Family Trust is a discretionary trust which manages various investments on behalf of the beneficiaries of the trust. The trust has a liability to income tax on these investments.

As a UK discretionary trust, the trust fulfils the registration requirements as a registrable express trust. The trust also fulfils the requirements to register as a taxable trust on account of its UK tax liabilities.

The information required to be provided by a registrable taxable trust and a registrable express trust is different. For example, trustees will be required to provide more information on the assets and use of a trust where the trust is taxable. However, more information is required on the beneficial owners where a trust is a registrable express trust. For more on what information has to be provided on the Trust Registration Service (TRS), see TRSM32000.

Trusts that are only registrable due to a tax liability are not subject to the third party access requests set out in TRSM60000.