Trust registration deadline extended
HMRC has been forced to extend the deadline of 10 March 2022 for non-taxable trusts to be registered using the Trust Registration Service. What's going on?
Currently, all UK express trusts that have a tax liability must be registered using the Trust Registration Service (TRS). Last year, the scope of the trust register was extended to all UK and some non-UK trusts, whether the trust has a tax liability or not, but there are some exclusions.
HMRC had set a deadline of 10 March 2022 for trustees or agents to register but failed to have the service ready in good time. Due to concerns that trustees and agents would not be able to meet the March 2022 deadline, HMRC has announced that the deadline will be extended until twelve months after the delivery of the expanded register.
It's possible to find out which trusts will need to be registered here.
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