Trust registration deadline extended
HMRC has been forced to extend the deadline of 10 March 2022 for non-taxable trusts to be registered using the Trust Registration Service. What's going on?
Currently, all UK express trusts that have a tax liability must be registered using the Trust Registration Service (TRS). Last year, the scope of the trust register was extended to all UK and some non-UK trusts, whether the trust has a tax liability or not, but there are some exclusions.
HMRC had set a deadline of 10 March 2022 for trustees or agents to register but failed to have the service ready in good time. Due to concerns that trustees and agents would not be able to meet the March 2022 deadline, HMRC has announced that the deadline will be extended until twelve months after the delivery of the expanded register.
It's possible to find out which trusts will need to be registered here.
Related News
-
HMRC takes aim at side hustles
People with side hustles are the target of a HMRC press release reminding them of their potential tax obligations. Why has this been published now, and what are the key points to remember?
-
Can sale with no goodwill charge still qualify as TOGC?
You are selling an unprofitable part of your business but the sale does not include any charge for goodwill due to trading losses. Can the sale still qualify as the transfer of a going concern and what conditions must you meet?
-
VAT on electricity to be cut
The new Prime Minister has announced a cut to the rate of VAT on electricity from 1 October. What's the full story?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.