Trusts Registration Service deadline extended
The deadline for registering new trusts with the online Trusts Registration Service (TRS) has been extended from October to 5 January by HM Revenue and Customs.
The TRS was launched in July to enable trustees to register their trust online and provide information on the beneficial owners.
A trust that has incurred a liability to income tax or capital gains tax for the first time in the tax year 2016 to 2017 will need to complete registration on the TRS by no later than 5 January 2018. This extension is only for the first year of the TRS.
The deadline for an existing trust to register on the TRS will remain unchanged at 31 January 2018.
The TRS online service replaces the 41G (Trust) paper form, which was withdrawn at the end of April 2017. This is now the only way trusts and complex estates can obtain their Self-Assessment Unique Taxpayer Reference.
Please contact us if you would more information about wills and trusts.