Trust registration service penalties position announced

Mar 12, 2018

HMRC have advised that as 2016/17 is the first year in which trustees were required to meet the Trust Registration Service (“TRS”) registration obligations, penalties will not automatically be charged for missing the 31 January 2018 deadline for existing trusts.

Instead HMRC will take “a pragmatic and risk based approach” to charging penalties.  It is not yet clear if a similar approach will be taken to those new trusts required to register by 5 January 2018.

HMRC had previously announced that while the 31 January 2018 was the deadline for existing trusts to register, they would not charge a penalty if the TRS details were completed no later than 5 March 2018.  More details on penalties for the TRS will be published on GOV.UK.