The deadline for registering trusts was 1 September 2022 as covered previously in Chartered Accountants Tax news. HMRC has updated the relevant guidance in several places to include information on how to report that beneficial owners may be at a disproportionate risk of harm.
The following guidance has been updated:-
Reports should be made by email to trs.riskofharm@hmrc.gov.uk. Forms to request trust data and to report discrepancies are also now available.
Chartered Accountants Ireland recently raised the issue of discrepancy reporting with HMRC who told us that the discrepancy reporting provisions are set out in legislation within the Money Laundering Regulations. HMRC is seeking to arrange some webinars in the autumn which we will provide further details of when available.
Manage your trust’s details sets out that a penalty of up to £5,000 can apply for deliberately failing to keep the Trust Register up to date. Changes must be reported within 90 days of the relevant change. Details of penalties for failure to register a trust were set out in a previous news story.