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As a result of changes introduced in October 2020, trustees and agents of trusts registered on the trusts registration service are currently obliged to update details relating to their trusts within 30 days of becoming aware of any changes. In view of the fact that the government is intending to legislate to increase this period to 90 days later this year, HMRC has confirmed that it will not be enforcing the 30-day reporting requirement. In a statement to the ATT, HMRC said:
‘Although the 30-day reporting requirement continues to apply in principle until the legislation is amended, in recognition of the imminent change and also of the fact that the overall deadline for registration of relevant trusts is not until September 2022, HMRC will not be enforcing the 30 day reporting requirement at this time.’
