In a recent update, we shared with you changes to the Trust Registration Service (“TRS”) as a result of the UK’s implementation of the Fifth Money Laundering Directive. Broadly, this means that non-taxpaying trusts not previously required to be registered must now register by 10 March 2022. HMRC has confirmed in an Agent Update that registrations for non-taxpaying trusts will not now open until the Autumn 2021 and not Spring 2021 as previously advised.

HMRC has stated that it “appreciate the inconvenience caused by this delay to our IT systems, given the original legislative deadline of March 2022.” HMRC will therefore be extending the deadline, to provide trustees and agents approximately 12 months in which to register, from the date that the service is available. Further updates and clarification on the final deadline will be confirmed in due course. HMRC has also published an update to their guidance on the extension to the TRS.