The Trust Registration Service ("TRS") has been online for a little over a month now. So far, only Trustees themselves can actually register a Trust. This is fine if the Trustees (well, at least one anyway) are au fait with completing online registrations and the details of the Trust itself, but what if you want your agent to complete the registration on your behalf?
The ability for an agent to register a Trust is due to go live in late September/early October. The self-assessment deadline for registering a Trust is 5 October following the end of the tax year in which a tax return is first required. This means that the TRS must, in theory, be available for agents and Trustees before this deadline. HMRC are aware that they have their work cut out for them to meet this deadline and there are plans in place to avoid penalising Trusts that aren't registered in time due to tight time constraints for registration. What this entails has not been officially released yet but expect more information from HMRC in due course.
Check back to the Gepp and Sons website for more information when it becomes available. In the meantime, if you have any questions about the TRS or any other Trust related matters please contact Marc Dorsett on 01245 228146.
This is not legal advice; it is intended to provide information of general interest about current legal issues.
