The Trust Registration Service will be closed from 29 April to 4 May 2021 for a technical update and when the service reopens additional data will be required to complete registrations. ICAEW’s Tax Faculty highlights the changes.
As part of the preparations to enable non-taxable trusts to use the Trust Registration Service (TRS) the service will be unavailable for five days from 29 April. HMRC has confirmed that any partially completed registrations must be finished by 28 April.
When the TRS reopens on 4 May additional data will be required to register a trust. Those undertaking the registration will have to confirm whether:
the trust is, or is not, an express trust (the term ‘express trust’ covers all trusts that have been deliberately created by a settlor, ie, as opposed to statutory, resulting or constructive trusts);
Highlights from the broader tax news week ending 21 April, which includes an update from the Office for Tax Simplification on how HMRC is meeting its 2018 recommendations on guidance for taxpayers, as well as the latest editions of HMRC s Agent Update and Employer Bulletin.
HMRC makes ‘clear progress’ on guidance for taxpayers
The Office for Tax Simplification (OTS) has published a paper examining how HMRC is performing against 12 OTS recommendations to improve guidance for taxpayers published in 2018. In the new paper, the OTS acknowledges that HMRC has made “clear progress in implementing the new guidance model” that the OTS envisaged in 2018. It confirms that HMRC has committed significant resources to its guidance team and is making extensive use of external feedback to improve guidance. It concludes by looking to HMRC’s future plans and encourages the allocation of further resources. Read the report in full.
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The Fourth Money Laundering Directive ((EU) 2015/849) (MLD4) was implemented in the United Kingdom as a result of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulation 2017 (SI 2017/692). In order to fulfil the requirements of MLD4, HM Revenue & Customs (HMRC) introduced the Trust Registration Service (TRS) to help combat money laundering and terrorist financing in the United Kingdom. Because of further European Directives, the TRS has now been extended with wide-reaching consequences. Read on for a discussion of who is affected and key implications.
Thursday, April 1, 2021
The Fourth Money Laundering Directive ((EU) 2015/849) (MLD4) was implemented in the United Kingdom as a result of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulation 2017 (SI 2017/692). In order to fulfil the requirements of MLD4, HM Revenue & Customs (HMRC) introduced the Trust Registration Service (TRS) to help combat money laundering and terrorist financing in the United Kingdom. Because of further European Directives, the TRS has now been extended with wide-reaching consequences. Read on for a discussion of who is affected and key implications.
IN DEPTH
What Is the Trust Registration Service?
The TRS is an online portal which provides certain trustees and personal representatives with a relatively user-friendly way to satisfy their registration obligations with HMRC. Under MLD4, only specified express trusts with UK tax consequences or “complex estates” needed to be registered. However, th
The UK Trust Registration Service and Who it Affects natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.