HMRC’s updated TRS guidance sets out the main types of excluded express trusts. The list includes bare trusts for holding a child’s bank account, pilot trusts and trusts for holding certain life insurance policies. More detail can be found in HMRC’s Trust Registration Service Manual.

Excluded express trusts do not automatically need to be registered on the TRS. They only need to be registered if the trust becomes taxable. In that case, the deadline for registration depends on:

• when the trust was created;
• the tax that the trust is liable for; and
• whether the trust has been liable for income tax or capital gains tax previously.

Trusts that were registered on TRS before 17 October 2022 will need to declare that the trust is an excluded express trust when next updating the TRS. Trusts registering on or after 17 October will declare that the trust is an excluded express trust as part of the registration process.

Excluded express trusts are not subject to data sharing requests, unlike most other trusts registerable on the TRS. While trusts are required to keep their information up-to-date on the TRS, it would be sensible to make an update to flag that the trust is an excluded express trust.

Read HMRC’s updated guidance:

• Register a trust as trustee
• Register a trust as an agent
• Managing a trust’s details