Following on from our popular webinar in 2016 “An elementary guide to the taxation of UK trusts” the sequel, “An intermediate guide to the taxation of UK trusts” will be broadcast on 25 October 2017 at 11:00.
As well as taking the tax implications of a UK trust a step further we will also look at the trust registration service (TRS) giving an update on the state of play of the new register.
As reported in previous news items the TRS is the government’s response to the Fourth Money Laundering Directive. All express UK trusts with a tax consequence in 2016/17 have to be registered along with non UK trusts with a UK tax consequence. The access to the register has been delayed; it has been available to trustees since 10 July 2017, but is still not accessible by agents. We received the following update from HMRC on 12 October 2017:
“The second phase, allowing agents to access the TRS on behalf of trustees, we said we would deliver in October 2017. Unfortunately, in the course of carrying out rigorous testing of this phase we have identified some technical errors. We are doing everything we can to resolve those issues as quickly as possible so that the system works as intended from the moment it is released.”
HMRC emphasised that the 5 October 2017 deadline for registering new trusts has been extended to 5 December 2017, which given the lack of access several days after the initial deadline date, is helpful. However the 5 December 2017 deadline is now looking tight for registering new trusts.
Existing trusts have to be registered by 31 January 2018 and, as HMRC has now confirmed that information they already hold will not be imported across to the register, the task of registering all these trusts as well as all the normal compliance work by 31 January 2018, is looking daunting to say the least.
Get the latest update on the TRS in our webinar on 25 October 2017.