Online trust registration – further extension
Some good news for trustees and agents at a busy time – they now have until 5 March 2018 to register existing trusts on HMRC’s online Trust Registration Service.
The deadline has been extended by HMRC because of difficulties experienced by those using the service.
Note that trusts that have incurred a tax charge for the first time in the last tax year will still need to register by 5 January 2018.
These extended deadlines are intended to be for the first year of the Trust Registration Service only. Practitioners will remember, however, that HMRC’s online Employment Related Securities system experienced difficulties beyond the first year of inception, so let’s hope the Trust Registration Service fares better.
The new system replaces old paper form 41g, which is now defunct. The system is designed to only ask for information relevant to the particular trust being registered. Trustees will need to update the register with any changes each year. Only trusts with a UK tax consequence are required to register and this includes existing trusts that will have already registered under the old 41g form.
A new trust can expect to receive its UTR in the post from HMRC within 15 working days of the online submission. For more information visit the HMRC website: www.gov.uk/government/news/trusts-registration-service-registration-deadline-for-new-trusts-extended
Please contact RM2 (020 8949 5522 / firstname.lastname@example.org) or consult our free fact sheet downloads for more information.