Deadline for updates to trusts’ details on the Trust Registration Service

Members advising on the Trust Registration Service (TRS) will be aware that, following changes introduced in October 2020, trustees and agents of trusts registered on TRS are currently obliged to update certain details relating to their trusts within 30 days of becoming aware of any change to those details. The Government is intending to legislate to increase this period to 90 days later this year, and members have asked whether they need to meet the 30-day period (where it applies) in the meantime. In response, HMRC have said

“Although the 30 day reporting requirement continues to apply in principle until the legislation is amended, in recognition of the imminent change and also of the fact that the overall deadline for registration of relevant trusts is not until September 2022, HMRC will not be enforcing the 30 day reporting requirement at this time.”