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Umbrella company consultation response and guidance due from HMRC, as more details come out on Tax Administration and...
READ MORETrust Registration Service opens for non-taxable trusts
On September 1, the Trust Registration Service (TRS) finally opened for the registration of non-taxable trusts. The regulations which brought these trusts into the scope of the Trust Register actually came into force last October, but it’s taken some time for HMRC to upgrade the existing TRS to take account of all the new changes.
These regulations are therefore due to be amended shortly to give trustees and agents until September 1, 2022 to identify any non-taxable trusts which were in existence at October 6, 2020 – or which are created by June 2, 2022 – and get them added to the Trust Register via the TRS. After that, any non-taxable trusts created after June 2, 2022 must be added to the register within 90 days of their creation.
Read more at Accountancy Age.
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