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Today marks deadline for new trusts to register with HMRC

05/01/2018 News Team

Trusts that incurred a tax liability for the first time between 6 April 2016 and 5 April 2017 must be registered with HMRC’s Trust Registration Service (TRS) by the end of today - 5 January 2018.

For existing trusts that are either already registered for SA or do not require SA registration, the trustees (or their agent) of either a UK or non-UK (express) trust that incur a UK tax liability, must provide beneficial ownership information about the trust, using the TRS, by 31 January after the end of each tax year.

For this first year of the TRS, HMRC will not impose a penalty on the failure to register existing trusts on TRS by 31 January 2018 but no later than 5 March 2018.

The extended time limits are only for the first year of the TRS.

HMRC is currently developing the penalty framework for the TRS and will provide an update once the new framework has been finalised.

 

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