We are pleased to report that, following representations from the ATT, CIOT and a number of other professional bodies, HMRC have acknowledged feedback received about the Trust Registration Service (TRS) and the pressure placed on agents during peak self-assessment season. Accordingly, a soft landing for penalties has been announced, which effectively gives agents an extra five weeks to 5 March 2018 to comply with these new requirements for reportable trusts. This deadline applies to all trusts which already have a unique taxpayer reference, or do not need one.
