If you deal with trusts and/or trustees, see the email below from HMRC on the Trust Registration Service. HMRC also encourages you to share the following information with trustees that you may work with and points you towards the guidance links provided.
“Deadlines for registering a trust with HMRC
The deadline for registrations for most trusts on the Trust Registration Service was 1 September 2022. Any trusts who have not yet registered and are required to do so, should register as soon as possible. Trusts that need to register from 1 September 2022 must do so within 90 days. More detailed information on registration deadlines can be found at Personal tax: Trusts and Estates - detailed information - GOV.UK (www.gov.uk).
You may wish to ensure trustees are aware that HMRC does not charge a registration fee for registering trusts on the TRS. The service is free to use and designed to enable lay trustees to register their trusts, although we also facilitate agents to act on behalf of trustees where required. We recognise that the registration requirement is a new and unfamiliar obligation for many trustees. There will be no penalty for a first offence of failure to register or late registration, unless that failure is shown to be deliberate. For deliberate failures to register a trust or failure to keep the register up to date, a £5000 penalty may be charged. More information on penalties can be found at TRSM80000 - HMRC internal manual - GOV.UK (www.gov.uk).
Reporting a discrepancy in Trust Registration Service data.
From 1 September 2022, Relevant Persons must ask trustees or agents who are engaging in a new business relationship with them to provide proof of registration on the Trust Registration Service.
A Relevant Person is also required to report a discrepancy in Trust Registration Service data in the proof of registration document to HMRC. A Relevant Person is an organisation working in a professional capacity that carries out due diligence checks under anti-money laundering regulations.
GOV.UK guidance for reporting a trust discrepancy to HMRC can be found at Report a trust discrepancy to HMRC - GOV.UK (www.gov.uk). Technical guidance has been published in TRSM70000.
Trust Data Requests
From 1 September 2022, Trust Data Requests can be submitted to HMRC. HMRC may share information on the Trust Registration Service in limited circumstances with some third parties following a Trust Data Request.
There are 2 types of data request, Legitimate interest trust data requests where requestors must demonstrate they have a legitimate interest as they are investigating money laundering or terrorist financing, and Offshore company trust data requests where requestors can ask for information about a trust that holds a controlling interest in an offshore company. GOV.UK guidance for submitting a Trust Data Request can be found at Ask HMRC for information about a trust - GOV.UK (www.gov.uk). Technical guidance has been published in TRSM60010.”
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