Edward Reed and Naomi Charrington (Macfarlanes) provide this month’s review of developments affecting private clients.
Latest TRS developments
HMRC has announced that the trust registration service (TRS) online portal has been upgraded and is now open for registrations by non-taxable trusts. The new deadline for registration is 1 September 2022 (HMRC previously promised to push back the original March 2022 deadline to give affected trustees at least 12 months to register) although trusts created in the 90 days before the registration deadline have longer to register. HMRC has also confirmed that neither trusts for children’s bank accounts nor trusts holding healthcare insurance policies will be required to register.
We expect updated guidance to be published in the coming weeks including a step-by-step guide to determine whether the business relationship condition applies to non-UK trusts but we don’t anticipate significant changes to the current TRS manual...
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Edward Reed and Naomi Charrington (Macfarlanes) provide this month’s review of developments affecting private clients.
Latest TRS developments
HMRC has announced that the trust registration service (TRS) online portal has been upgraded and is now open for registrations by non-taxable trusts. The new deadline for registration is 1 September 2022 (HMRC previously promised to push back the original March 2022 deadline to give affected trustees at least 12 months to register) although trusts created in the 90 days before the registration deadline have longer to register. HMRC has also confirmed that neither trusts for children’s bank accounts nor trusts holding healthcare insurance policies will be required to register.
We expect updated guidance to be published in the coming weeks including a step-by-step guide to determine whether the business relationship condition applies to non-UK trusts but we don’t anticipate significant changes to the current TRS manual...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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