HMRC has recently updated its Trust Registration Service Manual in relation to penalties for trustees of relevant trusts within the scope of registration on the Trust Registration Service (TRS) for either Failure to register on time or failure to keep the information held on TRS up to date.
A full link to the guidelines in respect of the registration of Trusts can be found here.
HMRC has confirmed “In recognition of the fact that the registration requirement is a new and unfamiliar obligation for many trustees, there will be no penalty for a first offence of failure to register or late registration of a trust unless that failure is shown to be deliberate.”.
If you’ve any queries in respect of this legislation please give us a call on 028 3752 5400.