HMRC has released guidance for trustees and their agents for the new online Trust Registration Service (TRS) which has been operating since the middle of July. The new service replaces the old form 41G, as well as a section of the trust tax return used to report changes in trustee contact details.
Trusts were originally required to update their records by 5 October 2017, but this deadline was subsequently extended to 5 December 2017, due to:
- The volume of information required, and
- Access having not been granted to agents
Agents (including accountants and solicitors) are still not able to access the service, but HMRC are aiming to enable access this month.
With many trustees unaware of these new requirements, and the potentially tight deadline for agents at an already busy time of year, it is unclear whether HMRC will further extend the deadline, or relax any penalties for late compliance.
Whiting and Partners will be dealing with the registration of trust clients in due course, once agent access becomes available. Please contact your usual Whiting and Partners representative if you have any queries.