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Registration extension for some non-taxpaying trusts 5 February 2021: HMRC is developing the Trust Registration Service (TRS) to allow for the extension of the requirement to register to certain non-taxpaying trusts. ICAEW’s Tax Faculty is encouraging members to help test the system.
The 31 January 2021 deadline for the first updates to the trust register (or confirmation of no change), has only just passed but already the extension of the requirements to considerably more trusts is coming into view.
The new rules were introduced on 6 October 2020 as part of the UK’s implementation of the Fifth Money Laundering Directive (5MLD). On 25 January 2021 HMRC published an overview of the changes which explains in broad terms which trusts will need to register by 10 March 2022. These are:
Reminder to update the trust register icaew.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from icaew.com Daily Mail and Mail on Sunday newspapers.