TRSM23150 | Types of trust that need to be registered: contents: excluded express trusts: contents: trusts registered on a European Economic Area (EEA) register

Trusts are excluded from the requirement to register as express trusts on the Trust Registration Service (TRS) where the trust is established in a European Economic Area (EEA) member state and is required to be registered on the equivalent beneficial ownership register of that member state.

There is no statutory definition of ‘establishment’ for TRS purposes: a trust can be considered as established in an EEA member state for TRS purposes if that is where the trustees are resident or where the administration of the trust is carried out.

Trustees of trusts established in EEA member states should determine whether the trust is required to register on the beneficial ownership register of that member state. If so, registration on that register takes priority over the need to register with TRS.

Trustees of trusts established in the UK should determine first whether the trust is required to register with TRS. If so, trustees should register with TRS first.

Example

The Hibernia Trust is an Irish-resident trust administered in Ireland, with one UK-resident trustee. The trust is required under Irish law to register on the Irish register of beneficial ownership.

The trustees enter into a business relationship with a UK firm of solicitors. This would ordinarily trigger the requirement to register on TRS (see TRSM24010), however no TRS registration is required because the trust is established in Ireland and already registered on the Irish register.

Example

The Caledonia Trust is a UK-resident trust administered in the UK, which meets the TRS registration requirements. As the trust is established in the UK, the trustees should register the trust with TRS before considering if any registration requirements may also apply in any other jurisdictions.

This exclusion does not apply if the trust is a non-UK trust with no UK trustees where the trustees acquire UK land on or after 6 October 2020. These trusts are required to register even if already registered on an EEA register.

Furthermore, trusts already registered on an EEA register are still required to register on the Trust Registration Service (TRS) if they have a UK tax liability (see TRSM25000).

The following countries are EEA member states:

• Austria

• Belgium

• Bulgaria

• Croatia

• Republic of Cyprus

• Czech Republic

• Denmark

• Estonia

• Finland

• France

• Germany

• Greece

• Hungary

• Iceland

• Ireland

• Italy

• Latvia

• Liechtenstein

• Lithuania

• Luxembourg

• Malta

• Netherlands

• Norway

• Poland

• Portugal

• Romania

• Slovakia

• Slovenia

• Spain

• Sweden