ARTICLE · 30 APRIL 2021

Trust Registration Service Extension – Trustees….Are You Ready?

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HM Revenue & Customs (HMRC) have recently confirmed details of the extension to their Trust Registration Service (TRS)...

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HM Revenue & Customs (HMRC) have recently confirmed details of the extension to their Trust Registration Service (TRS) which will cause more trustees to have increased compliance obligations. With HMRC able to issue penalties for non-compliance, trustees need to be aware of the impact of the new measures and the timetable for reporting.

Background

In July 2017, many trustees became faced with new compliance obligations when HM Revenue & Customs (HMRC) introduced their Trust Registration Service (TRS). Designed to implement the requirements of the EU Fourth Anti-Money Laundering Directive (4MLD), this imposed a requirement for trustees to register under TRS any express trust that had a liability in respect of any of the following taxes:

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