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 regis...
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