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HMRC extends TRS deadline for new trusts

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HMRC has agreed to extend the trust registration service deadline for new trusts until 5 January 2018. The registration and reporting deadline for existing trusts remains 31 January 2018. HMRC had previously extended the penalty deadline for new trust registrations from 5 October until 5 December 2017. The service launched in July, but only became available to agents in October.

Yvette Nunn, co-chair of ATT’s technical steering group, said: ‘While we very much welcome the further extension of the deadline for trusts that need to register earlier for self-assessment, it still leaves agents faced with an obligation to register large numbers of trusts during their busiest months in the run up to the self-assessment deadline’.

John Cullinane, CIOT tax policy director, said: ‘Our members want to comply with the new rules, and guide their clients accordingly but the current 31 January 2018 deadline is simply not achievable’.

‘Confirmation from HMRC that they would be willing to allow agents more time to comply with significant new obligations, or at least guarantee no penalties would be charged for registrations prior to, say, 5 April 2018, would be beneficial to both agents and HMRC. It would allow HMRC more time to prepare the important new Agent Services accounts fully before large volumes of agents sign up, and demonstrate a real understanding of the pressures agents are under during the self-assessment season’, Cullinane added.