Once again the deadline for registering existing trusts for TRS has been moved. Trusts now have until the 5th March 2018 to register after complaints by registering bodies regarding the delay in opening the TRS to agents.
What is TRS?
The Trust Registration Service (TRS) has been created in order to allow agents to register trusts or complex estates on behalf of trustees to obtain their SA Unique Taxpayer Reference. The agents can provide information about the beneficial owners of those trusts and the trust or estate can then complete their tax return. The TRS is an important Government tool to tackle money laundering.
The TRS was set up in July 2017 to replace the paper form which was retired in April 2017 and is now the only way trusts can get their SA Unique Taxpayer Code. Unfortunately the service only became available to agents in October. John Cullinane, CIOT tax policy director, said:
Our members want to comply with the new rules, and guide their clients accordingly but the current 31 January 2018 deadline is simply not achievable.
Further guidance on the TRS and links to sign up can be found on the UK Gov website.
Are you confused? Then give us a call. We can offer you expert advice, keep you compliant and allow you to enjoy the holiday season.