Rule B6.24 Central Trusts Record and accompanying Guidance

From 1 November 2026 Rule B6 of the Principal Rules is to be amended by:

(a)    inserting the following after Rule B6.23 (as inserted by Rule 3 above) as new Rule 6.24 “Central Trusts Record”: 

6.24.1    Subject to Rule 6.24.2, every practice unit shall ensure that it maintains a complete central record of every trust in respect of which any of the following are trustees (whether or not in combination with any other entity or person): 

(a) any regulated person who is a manager or employee of the practice unit; 

(b) any body (corporate or unincorporate) owned or controlled by the practice unit or any of its managers or employees.  

6.24.2    The central record need not include details of any trust where the appointment of the relevant regulated person was not made in the course of that person’s practice. 

6.24.3    The central record referred to in Rule 6.24.1 shall include the following information:

(a) Name of trust 
(b) Date of trust  
(c) Settlor 
(d) File reference(s) 
(e) Type of trust for tax purposes (in respect of all relevant taxes)  
(f) Details of Trustees (including original trustees and any changes and the contact details of all current trustees) 
(g) Whether or not the trust requires to be registered on the Trusts Registration Service (TRS) 
(h) Where the trust requires to be registered on the TRS, the date of its registration (or the date by which such registration is required) and all the other information required for registration on the TRS and to ensure that information provided to the TRS is accurate; 
(i) Key dates – the date of termination, vesting of any assets,  the ten year anniversary of the trust and HMRC filing deadlines
(j) Details of assets held (including, in respect of assets comprising heritable property, the location of title deeds for that property).

6.24.4    Every practice unit shall provide to the Society, within 21 days of request, a copy of the central record referred to in Rule 6.24.1 and shall also make same available to any person carrying out any inspection or investigation under or pursuant to Rule 6. 

Practice units require to keep, and on request by the Law Society provide, an easily accessible central record of all trusts where a trustee is connected to the practice unit either as a solicitor acting in a professional capacity or where a trust company associated with the practice unit is a trustee.

The Rule is intended to improve record keeping in relation to such trusts so that better information may be available should the practice unit cease or otherwise pass the trusts to another practice unit.

The Rule is retrospective and applies to all such trusts irrespective of the date of creation of the trust and irrespective of whether or not registration is required under HMRC Trust Registration Service.

The details recorded require to be sufficient to enable the easy identification of all the necessary information to administer and deal with the trust. Most of this information should already be recorded and provided to HMRC when registering a trust under the Trust Registration Service. Where a trust does not require such registration or is exempt from such registration the details set out in the rule must still be recorded.

The Rule is not intended to apply in respect of practice units’ client accounts where a practice unit acts as a trustee for its clients in respect of the money held by the practice unit in those accounts.

The Rule is also not intended to apply where the trust is an executry during the period of administration of the executry, unless and until the estate is held in a trust deriving from the executry and continuing beyond the period of administration.

Note: Practice units are being provided with details of the Rule and this Guidance 12 months prior to the commencement date of the Rule to enable them to prepare the required records.