Deadlines for registering with the TRS

HMRC’s latest Trust and Estates Newsletter includes an update on deadlines for enlisting with the trust registration service (TRS).

Trustees of trusts and complex estates that have incurred a liability to income tax or capital gains tax for the first time in 2017-18 will need to complete registration by 5 October. The extended deadlines for 2016-17 will not apply.

The trustees of existing settlements that have incurred a tax liability in 2017-18 must register up-to-date beneficial ownership information by 31 January 2019.

HMRC has reiterated that it will not automatically charge penalties for late TRS returns. Instead it will take a pragmatic and risk-based approach.

It is still not possible for trustees and their agents to update their information on the TRS.

DOTAS guidance

Guidance on the inheritance tax hallmark for disclosure of tax avoidance schemes (DOTAS) which came into effect on 1 April is available.

The...