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All new trusts need to be registered online by 5 October.
The trusts registration service is up and running. It replaces the 41G paper form which was withdrawn at the end of April 2017 and complies with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations (SI 2017/692).
Initially not available to agents, they will be able to register on behalf of trustees before October 2017. By early 2018 agents and lead trustees will be able to make variations to trusts if they need to report a change of circumstance.
All new trusts with a tax consequence need to be registered by 5 October 2017. Those already operating must provide additional information by 31 January 2018 through the new service to comply with the self-assessment deadline. As a concession, HMRC has confirmed it will not penalise anyone as long as they register by 5 December.
