Extension to the UK Trust Registration Service Deadline – Delay to Upgraded Trust Registration Service
UPDATE: HMRC have now announced that the upgraded Tax Registration Service is expected to be rolled out in Autumn 2021 (rather than Summer 2021 as noted below). Stay tuned for more updates as they arrive!
In light of delays, HMRC has announced that the deadline for registering certain trusts and updating records under the Trust Registration Service (“TRS”) is likely to be extended from 10 March 2022 to 12 months after the date of the delivery of the upgraded TRS.
The implementation of the EU’s Fifth Money Laundering Directive in the UK has had an impact on the registration of trusts, as more trusts are now required to register with the TRS who were previously not required to register (although there are still some trusts that are excluded from registration).
HMRC’s guidance (which can be found here) provides an overview of the Trust Registration Extension and those who are required to register. The Government in July 2020 set a registration deadline of 10 March 2022 to allow existing trusts to register on the TRS or update their records if already registered on the TRS.
However, HMRC have recently stated that there are delays to the upgraded TRS and it will not be ready in time for the planned roll out in Spring 2021. It will now be delayed until at least Summer 2021. Due to this delay, HMRC have stated that they intend to extend the deadline to provide 12 months from the date of the upgraded TRS is delivered to allow more time for registrations.
We will have to wait for further clarity from HMRC regarding the future roll out of the upgraded TRS.