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All express trusts must be registered unless they are specifically exempt from reporting. Examples of exempt trusts include:

  • trusts used to hold money or assets of a UK-registered pension scheme.

  • trusts used to hold life or retirement policies providing that the policy only pays out on death, terminal or critical illness or permanent disablement.

  • trusts holding insurance policy benefits received after the death of the person assured, providing the benefits are paid out from the trust within 2 years of the death.

  • charitable trusts which are registered as a charity in the UK, or which are not required to register as a charity.

  • will trusts which are created by a person’s will and come into effect on their death providing they only hold the estate assets for up to 2 years after the person’s death.

  • trusts for bereaved children. 

HMRC have announced that the exemption given to pure protection policies in trust is to be extended to include policies with a surrender value but where the surrender has not been taken. Full details of this are expected in the next revision of the TRS manual

For a full list of up to date exemptions please see the HMRC manual below:

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