Trust Registration Service

26 October 2017

HMRC has launched their new Trust Registration Service (“TRS”). This is intended to be a single online point of access for Trustees and agents of all Trusts with a UK tax exposure.

New Trusts

The previous paper registration form is no longer accepted so all new Trusts will be required to use the online TRS service. The deadline is 5 October of the tax year following: 

  1. Trust creation, or
  2. Receipt of reportable income and/or gains (if later)

HMRC will impose penalties for late registration.

Existing Trusts

Trustees of existing Trusts will also be required to use the TRS to create and maintain a record of all “beneficial owners” and “potential beneficiaries”. Trustees will be required to provide information on the Trust as well as the Settlors, Trustees and all Beneficiaries, including full names, tax references and/ or national insurance numbers. The same deadline applies as above.

Access & Penalties

Agent access was scheduled from 5 October 2017. HMRC therefore had little option but to agree an extension for 2016/17, without penalties. The extended deadlines are: 

New Trusts                    5 December 2017

Existing Trusts               31 January 2018

Agent access was delayed until 17 October 2017 and even then, was only available to some agents. The system is still not fully live and we have no information as to when it will be. The Chartered Institute of Taxation (“CIOT”) has requested further extensions to 5 January 2018 for new Trusts and 5 April 2018 for existing Trusts.

We await both HMRC’s response and a fully operational service.

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