Deadline to comply with new trusts rules extended until 2018
The deadline to register new trusts and estates under new rules has been extended until the start of 2018, following complaints that the original deadline was too ambitious, potentially leaving many unable to comply.
Under the new rules, trusts and estates that have a tax liability are required to register with the HMRC trusts and estates online service by 5 October in the tax year after they were set up.
Following complaints, the deadline has now been extended by two months, meaning that new trusts and estates can now be registered with the Trusts Registration Service (TRS) up until 5 January 2017, without incurring a penalty.
The Trusts Register was launched in July this year in order to provide a dedicated online portal for trustees, representatives and agents to update their records. The service replaces the paper 41G (Trust) form and ad-hoc processes.
The deadline had already been extended once earlier this year until December 2017, but HMRC said: “Following feedback from agents and stakeholders we are pleased to announce the Trust Registration Service (TRS) deadline for new trusts has been extended further from 5 October 2017 to 5 January 2018.”
The deadline for existing trusts to register on the TRS will remain unchanged at 31 January 2018.