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Date announced for TRS to go live for non-taxable trusts

View profile for Marc Dorsett
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HMRC have today confirmed that the Trust Registration Service for new express non-taxable trusts will go live for everyone at the beginning of September. Previously HMRC have been running an invite only beta event to test the system.

Trust professionals have been waiting for news of when this would happen since the 5th Money Laundering Directive was announced. Speculation has been rife about when the system would start to operate and how the March 2022 deadline would move. It has been suggested that there will be a 12 month deadline from when the TRS opens properly which would suggest a September 2022 date. Stay tuned for future exciting developments.

If you have a trust that you think may need registering, whether taxable or not, please feel free to contact Gepp Solicitors on 01245 228125 and PrivateClientEnq@gepp.co.uk.

This is not legal advice; it is intended to provide information of general interest about current legal issues.