The implementation of the EU’s Fifth Money Laundering Directive in the UK has meant that more trusts are now required to register with the Trust Registration Service. All UK express trusts, including non-taxable trusts, are now required to register, unless they are specifically excluded. As you may have seen in our previous articles, there have been several delays to the upgraded TRS as it was originally meant to be implemented in summer 2021. However, several months later, HMRC have now announced that the new Trust Registration Service will be open for non-taxable trust registrations from the beginning of September. To find out further information about which trusts must register with the TRS, and those that are excluded, take ...

We recently wrote an article on the delays to the upgraded Trust Registration Service. HMRC have now announced that the upgraded Trust Registration Service is now expected to be rolled out in Autumn 2021 rather than Summer 2021 (which was announced recently by HMRC), causing further delays in allowing trusts to register on the Trust Registration Service. HMRC have also now confirmed that they will be extending the deadline to register to approximately 12 months from the delivery of the upgraded Trust Registration Service to provide additional time for registration. Related Articles https://www.pd-taxconsultants.co.uk/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 ex...