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HMRC has issued more information on missing TRS deadline.
HMRC has issued more information about late filing penalties for the trust registration service (TRS). The deadline has now passed but the department states it will not automatically charge penalties for late returns. Instead it will take a pragmatic and risk-based approach particularly when it is clear that trustees or their agents have made every reasonable effort to meet their obligations.
The penalty will reflect the period of delay:
- For registrations made up to three months from the due date – £100.
- For registrations made three to six months after the due date – £200.
- For registrations more than six months late – either 5% of the tax liability or a £300 penalty whichever is greater. This will be based on the total of any tax paid by the trust in the relevant year. It may include...
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