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Article summary

The Chartered Institute of Taxation (CIOT) has reported HMRC’s announcement that implementation of the extension of the Trust Registration Service (TRS), to enable non-tax paying trusts to register in compliance with 5MLD and the Money Laundering Regulations 2020, and the deadline for registration will be delayed. HMRC explained, in a meeting attended by CIOT and representatives from the Association of Taxation Technicians (ATT), that the IT system is expected to open for registrations in summer 2021 rather than the spring 2021. Consequently, 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.