Trust Registration Service: Consultation now live

In February the RYA reported that the Treasury were expected to publish a consultation regarding proposed changes to the Trust Registration Service (TRS).

The ‘Improving the effectiveness of the Money Laundering Regulations’ consultation has now been published and is open until 09 June 2024. 

One of the key changes proposed by the Government is the introduction of a de minimis exemption. This proposal would exempt certain clubs from registration with TRS. However, the club must meet all the below requirements to qualify for an exemption: 

• Not liable for UK taxes;  
• Do not own UK land or property;  
• Holds less than £5,000 worth of assets; 
• Does not distribute more than £2,000 in assets and expenses combined over any 12-month period.  

 
The proposals on reforming the registration requirements for TRS can be found in full in Chapter 4 of the consultation document.  
 
We are still working through the detail to understand the impact of these proposed changes and as part of this we are engaging with the Sport & Recreation Alliance to help inform its engagement with HMRC officials. 

The consultation closes at 11:59pm on 09 June 2024 and we would encourage you to respond. 

Further information 

You can learn more about the 'Improving the effectiveness of the Money Laundering Regulations' consultation, and find details on how to submit feedback, on the GOV.UK website.

The RYA has produced detailed and downloadable guidance for affiliated clubs on the TRS, please download a copy of the RYA TRS Guidance Note. This guidance explains what the TRS requirements mean for unincorporated associations and how organisations should assess the application of TRS requirements to their specific circumstances. 

If you are part of an affiliated club and have any questions regarding the consultation, please email the RYA Legal team.