HMRC have recently announced that there is a delay in the upgrade for the Trusts Registration Service (TRS) to allow non-taxable trusts to register. The extension to the requirement to register trusts stems from the 5th Anti-Money Laundering Directive and although there are some exceptions, most UK trusts will be required to register.
The government intends to defer the March 2022 deadline until 12 months after the date of the upgrade in their IT system which they now expect to be ready by summer 2021. They say this will give trustees and their agents sufficient time to register existing non-taxable trusts.
We await further clarification on the timetable from HMRC in due course.
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