Whilst most people’s attention is on the World Cup and the hot weather, mine has been drawn to the Money Laundering and Terrorist Financing (Amendment) Regulations 2026, which come into effect on Monday 30 June 2026 alongside the changes to the Trust Registration Service (TRS).
TRS registration is now being extended to include all non‑UK trusts that hold an interest in UK land or property acquired before 6 October 2020. This will increase the number of trusts caught by the regime, although there is some good news with an expansion of the exclusions from registration.
One of the key changes is the introduction of a de minimis exclusion for low‑risk, low‑value trusts. Provided that a trust does not hold UK land, has assets worth under £2,000, has not held assets worth over £10,000 since creation, and does not have income exceeding £5,000 per year, the trustees will no longer need to register it on the TRS. This is a welcome development and should help reduce the administrative burden for trustees of these “simpler” trusts.
As a member of the private client team, I know my probate administration and conveyancing colleagues will be pleased that where a trust was previously excluded from registration due to co‑ownership, and that exclusion is lost because of the death of one of the trustees, registration will now not be required until two years after the date of death.
Previously, where people owned property as tenants in common, the death of one of the legal owners triggered a TRS registration requirement within 90 days. This amendment brings the position in line with the two‑year exclusion period for other trusts created by Will on death.
The property co‑ownership trust is often overlooked, as it doesn’t sit in people’s minds as a traditional trust. Where the owners are spouses, it was another administrative task to deal with swiftly after a death. This amendment will ease that burden and reduce the risk of HMRC penalties at an already difficult time for the surviving owner.
As with all teams in the World Cup, there will be some winners and some losers under these new regulations. As they continue to evolve, I am happy to assist trustees in understanding their TRS obligations and with registration where required. Unfortunately, I can’t offer the same level of assistance when it comes to England’s (or your chosen country’s) progress into the knockout stages!
