The 5th Anti Money Laundering Directive
stipulates that all trusts (whether or not they produce any taxable
income) in existence on or after 6 October 2020 must be reported to
HMRC via the Trust Registration Service (TRS) by 1 September 2022.
Trusts created after 1 September 2022 originally had a 30-day
deadline to register. However, HMRC have announced that this
deadline will be extended to 90 days. This 90-day deadline will
also apply to updating trust information already on the register as
at 1 September 2022. Amendments will be made to the existing
legislation shortly.
Back in March 2021, HMRC announced that the TRS would not be
ready to accept trust registrations by that point; it has only been
in a position to do so since the end of August 2021. This delay had
caused some concern that the original registration deadline of 10
March 2022 would not be met, so that deadline was extended to the
September 2022.
