Deadline for trusts incurring new tax liability extended to 5 Jan.
Trusts that have incurred a liability to income tax or capital gains tax for the first time in 2016-17 will need to register on the trust registration service (TRS) by 5 January 2018. HMRC confirms this extension is for the first year of the service only. In future the deadline will be 5 October.
The deadline for existing trusts to register on the TRS remains 31 January 2018.
Yvette Nunn co-chair of the Association of Taxation Technicians’ technical steering group welcomed the extension. However the 31 January deadline for other trusts placed an extra burden on agents during their busiest months in the run-up to the self-assessment deadline.
She said: ‘Agents have been required to sign up to the new agent services account before it is fully available and with only limited guidance available on the new system. They are finding it difficult to meet an already stretching...
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