Trust Registration Service – another update – extension of deadlines
Since my last couple of blogs on the Trust Registration Service on 27 October 2017 and 24 November 2017 , there has been yet another update this time affecting deadlines. Please find below the latest missive from the Trust Policy Team at HMRC (reproduced by kind permission):
“Important information regarding the Trusts Registration Service
The Trust Registration Service (TRS) is an important tool for the UK government in meeting its obligations to tackle money laundering and it is important that the register is complete, but it is also important that we enable and support trustees and agents to comply with these new requirements, rather than simply enforce non-compliance.
We have listened to your feedback about initial difficulties with this new service and the pressures this is placing on agents at a very busy time. Therefore, for this, the first year of operation only, HMRC will not impose a penalty on the trustees of taxable relevant trusts if the trustees, or an agent acting on behalf of the trustees fail to register on TRS by 31 January 2018 but do so no later
than 5 March 2018. This applies for both trusts which are already registered for Self-Assessment (SA)
and those which do not require to be registered for SA.
The LawSkills Monthly Digest
Subscribe to our comprehensive Monthly Digest for insightful feedback on Wills, Probate, Trusts, Tax and Elderly & Vulnerable client matters
Not complicated to read | Requires no internet searching | Simply an informative pdf emailed to your inbox including practice points & tips
Subscribe now for monthly insightful feedback on key issues.
All for only £120 + VAT per year
(£97.50 for 10+)
We recently announced an extension to the Trusts Registration Service (TRS) deadline for new trusts
that need a Unique Taxpayer Reference for Self Assessment. Trusts which have incurred a liability to
income tax or capital gains tax for the first time in the tax year 2016 to 2017 will need to complete
registration on the TRS by no later than 5 January 2018. This extension continues to remain in place
for both trusts and complex estates, and is for the first year of the TRS only.”
The TRS Helpline is: 0300 123 1072.
Can I encourage you to use the TRS helpline as this is a fast developing area. Some of your queries may not have been addressed in official guidance before and some problems may be new which HMRC need to address, so a call to them will be worthwhile.
FREE monthly newsletter
Wills | Probate | Trusts | Tax | Elderly & Vulnerable Client
- Relevant learning and development opportunities
- News, articles and LawSkills’ services
- Communications which help you find appropriate training in your area