Deadline to register trusts only weeks away

Trustees must register their trust with HMRC online using the trust registration service by 5 March. The register is not accessible to the public but will be to law enforcement agencies as part of a global drive to enhance transparency.

Yvette Nunn co-chair of ATT’s technical steering group said: ‘The actual registration deadline for most trusts that must comply with these new rules was 31 January. After pressure from the professional bodies HMRC confirmed late last year that penalties will not be applied if registration is completed on or before 5 March. This extension recognises the technical difficulties and delays that agents have experienced when registering trusts – indeed some agents are still unable to access the register.’

The ATT is concerned that trustees who have not appointed an agent but handle the trust’s affairs themselves may not be aware of the registration requirement. Ms...