The March 2022 deadline for non-taxpaying trusts to register with the Trust Registration Service (TRS) has been extended indefinitely by HMRC following delays to the redesign of the online system.

Under the implementation of the Fifth Money Laundering Directive (5AMLD), all express trusts, including non-UK resident trusts acquiring UK land and property, not already registered with the TRS, had until March 2022 to do so. The required redesign of the online system to facilitate this was expected to be completed in spring 2021. This is taking longer than anticipated and is now not expected to be ready until the summer.

HMRC acknowledge that as the volume of trusts who will be required to register is so high, they need allow around a year for registration to take place. The new deadline is to be approximately 12 months from the date that the system redesign is complete.

Useful guides on this topic:

UK Trusts 
A guide to UK trusts and how they are taxed. 

Non-resident trusts 
This guide considers the UK tax issues related to non-resident trusts and the pitfalls to watch out for.

AML: Checklist incorporating AML 5
A checklist incorporating the changes made by Anti-Money Laundering Directive 5. This is designed to be illustrative only and should give some insight into the changes you will need to make to your own systems in reviewing your existing clients.


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