" 'Curiouser and curiouser!' cried Alice (she was so much surprised, that for the moment she quite forgot how to speak good English);" Ok, so the movement of another Trust Registration Service deadline may not actually be that surprising, the slightly surprising thing is that the 31 January 2018 deadline for existing Trusts still stands but HMRC have announced that penalties will not be levied if the registration is late, provided it is made by 5 March 2018.
It has been well documented that the October 2017 deadline is now the 5 January 2018 deadline for any Trust registration that needs to be made for Trusts with their first income or capital gains tax event in 2016/17.
The 31 January 2018 deadline is the deadline for existing Trusts that already complete self-assessment tax returns or have inheritance tax or Stamp Duty Land Tax liabilities arising in 2016/17. The deadline remains the same but HMRC won't look to charge penalties for the late registration. Why the deadline has not been moved per se is a bit of a mystery but Trustees can sleep a little bit easier with the extra few weeks to gather the required information.
This is not legal advice; it is intended to provide information of general interest about current legal issues.
If you are curious(er) about whether you need to register your Trust or would like to talk about any tax or legal aspects of your Trust, please contact Marc Dorsett on 01245 228146 or dorsettm@gepp.co.uk
