From the start of September 2021, the Trust Registration Service (TRS) will open for non-taxable trust registration. This will cover nearly all express trusts, with a few exceptions, and will impact a large number of trustees.

The TRS was first set up in 2017 by H M Revenue & Customs  to comply with the requirements of the EU Fourth Money Laundering Directive, and initially the only trusts which needed to register were those that were liable to pay any of the below taxes:

- Capital Gains Tax

- Income Tax

- Inheritance Tax

- Stamp Duty Land Tax

- Stamp Duty Reserve Tax