The CIOT has noted HMRC’s announcement that the trust registration service (TRS) will be extended to enable non-tax paying trusts to register in compliance with the money laundering regulations. According to HMRC, the current registration deadline of March 2022 will be extended within the legislation in order to provide trustees and agents of existing trusts with approximately 12 months in which to register from the date of IT delivery. Further updates and clarification from HMRC will be provided in due course.
The 5th Anti-Money Laundering Directive (5MLD) (Directive (EU) 2018/843) extends the requirement to register on the TRS to many non-tax paying trusts that are currently excluded.
The CIOT has noted HMRC’s announcement that the trust registration service (TRS) will be extended to enable non-tax paying trusts to register in compliance with the money laundering regulations. According to HMRC, the current registration deadline of March 2022 will be extended within the legislation in order to provide trustees and agents of existing trusts with approximately 12 months in which to register from the date of IT delivery. Further updates and clarification from HMRC will be provided in due course.
The 5th Anti-Money Laundering Directive (5MLD) (Directive (EU) 2018/843) extends the requirement to register on the TRS to many non-tax paying trusts that are currently excluded.
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