HMRC has updated its guidance Trust registration extension – an overview on the rules for registering a trust using the Trust Registration Service (TRS). New rules introduced on 6 October 2020, as part of the UK’s implementation of the Fifth Money Laundering Directive (5MLD), extended the scope of the register, though trustees cannot register trusts under the new rules until later in 2021 when the new TRS is ready. The deadline for registrations was previously stated to be 10 March 2022 but the guidance now confirms that trustees will have approximately 12 months to register from when the new service is ready to accept registrations.
HMRC has also updated its guidance for trustees to cover updating trust details for trusts registered before May 2021, proof of registration and closing a trust.
HMRC has updated its guidance Trust registration extension – an overview on the rules for registering a trust using the Trust Registration Service (TRS). New rules introduced on 6 October 2020, as part of the UK’s implementation of the Fifth Money Laundering Directive (5MLD), extended the scope of the register, though trustees cannot register trusts under the new rules until later in 2021 when the new TRS is ready. The deadline for registrations was previously stated to be 10 March 2022 but the guidance now confirms that trustees will have approximately 12 months to register from when the new service is ready to accept registrations.
HMRC has also updated its guidance for trustees to cover updating trust details for trusts registered before May 2021, proof of registration and closing a trust.
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