From 6 April 2017, registration is required for new trusts by 5 October after the end of the relevant tax year. For 2016/17 only, the deadline for new trusts was extended from 5 October 2017 to 5 January 2018 with existing trusts required to report by 31 January 2018. Therefore, new trusts in 2017/18 must have registered by 5 October 2018.

The Trust Registration Service (“TRS”) was introduced by HMRC for 2016/17 in response to the Fourth EU Money Laundering Directive. The FAQs produced by HMRC covering the TRS were published by Chartered Accountants Ireland as HMRC were not able to publish this in time on GOV.UK. HMRC is now in the process of publishing this guidance piece by piece on GOV.UK.

For 2016/17 HMRC did not impose a penalty on any failures to register by 31 January 2018 if registration was completed no later than 5 March 2018. It is not expected that the 5 October 2018 deadline for 2017/18 will be extended this year.

The penalty system for late registration was also announced on 5 March 2018 and applies in 2017/18 to any trusts required to be registered by 5 October 2018 but registered after this date. Download the Institute’s briefing note on the Trust Registration Service now.