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