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The time is now
Key points
- The deadline for registering trusts is 1 September 2022 or (if later) within 90 days of the date of creation of the trust.
- Further changes to the TRS manual cannot be ruled out as matters develop.
- The TRS is now the route for trustees to obtain a unique taxpayer reference.
- Trustees of excluded trusts may consider voluntary registration.
Following changes made to HMRC’s trust registration service (TRS) which took effect on 1 September 2021 most existing and new trusts will now need to be registered on the TRS. The deadline for registration is 1 September 2022 or within 90 days of the date of creation of the trust whichever is the later. This means it is important for advisers who have clients with trusts to consider action sooner rather than later.
Following the introduction of the Money Laundering Terrorist Financing and Transfer of Funds (information on the Payer)...
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