Trusts registration service penalty easement

HMRC has confirmed in its September ‘Trusts and Estates Newsletter’ that it will not impose penalties on new trusts registered via the new Trusts Registration Service after the 5 October deadline, provided registration is completed before 5 December 2017.

Under the strict self-assessment rules, trustees must register details of a trust with HMRC by 5 October of the year after a liability to income tax or CGT first arises. The registration process using the Trusts Registration Service will include providing information about the beneficial owners of the trust.

The new service is not currently available to agents, who should be able to register on behalf of trustees from October 2017. Agents and lead trustees will be able to enter updates for changes of circumstances from early 2018.

See http://bit.ly/2wrWwdR.