Tax bodies call for a soft landing for new Trust Registration requirement
Released 9 November 2017
The 31 January 2018 deadline for trusts to report information using the new Trust Registration Service is simply not achievable, says CIOT.
Tax professionals have welcomed HMRC’s announcement that they are extending the deadline for registering trusts for self-assessment until 5 January 2018 but the Association of Taxation Technicians (ATT) and the Chartered Institute of Taxation (CIOT) are calling for a soft landing on penalties, as agents continue to face problems and delays accessing the new Trust Registration Service (TRS). Trustees have until 31 January 2018 to register reportable trusts on the new Trust Register.
John Cullinane, CIOT Tax Policy Director, said:
‘Confirmation from HMRC that they would be willing to allow agents more time to comply with significant new obligations, or at least guarantee no penalties would be charged for registrations prior to, say, 5 April 2018, would be beneficial to both agents and HMRC.
Our members want to comply with the new rules, and guide their clients accordingly but the current 31 January 2018 deadline is simply not achievable.’
For more information, view the Press Release: Tax bodies call for a soft landing for new Trust Registration requirement.