Further to our blog on HMRC’s New Trust Registration Service and following the inevitable difficulties and pressures faced by agents of trustees at this busy time of year, HMRC have extended the deadline for registering existing trusts.
HMRC have stated: “Existing trusts should usually be registered by 31 January 2018. However, for this first year of the TRS, HMRC will not impose a penalty on those unable to register existing trusts on TRS by 31 January 2018 but no later than 5 March 2018.”
HMRC have also confirmed to us that new trust i.e. those trusts not yet allocated a UTR number and which have a tax liability arising for the year 2016/2017 will still need to be registered by 5th January 2018.
Unfortunately HMRC have not yet published a formal update.
However this has been confirmed by the Trust Policy Team at HMRC to a third party source and to us in writing by the HMRC trust enquiries team.