The Association of Taxation Technicians (ATT) in the UK has called for an extension to the trust register deadline.
New anti-money laundering regulations introduced in June 2017 require most trusts to retain written records of the individuals involved in the creation and running of the trust such as the settlors and trustees. They also require trustees to keep written details of their beneficiaries.
Any trust that is liable to certain taxes, including income tax, capital gains tax, stamp duty land tax, and inheritance tax, has to report these same details to HMRC for inclusion on a new Trust Register via the Trusts Registration Service (TRS). The register will not be accessible to the public but will be accessible to a number of law enforcement agencies.
The ATT says an ongoing delay means trust advisers are still unable to access the new Trusts Registration Service (TRS), causing great concern to trustees and their advisers.
The deadline for supplying the information is January 31, 2018. Trustees have been able to access the register since July but, despite an estimated 80 percent of trusts relying upon their professional advisers to deal with matters like this, advisers do not yet have access to the TRS.
Yvette Nunn, Co-chair of ATT's Technical Steering Group, said: "While we understand the goal of improving transparency by creating a Trust Register, the ongoing delay in agent access to the TRS system is causing our members great concern. Our members want to comply with the new rules, and guide their clients accordingly, but are being asked to do so during their busiest months in the run up to the self-assessment deadline of January 31, 2018.
"The ongoing delay in agent access to the TRS has led us to call for the deadline to be extended to April 5, 2018, for this first year. This should ensure advisers have enough time to fully comply with the new requirements."
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The Czech Senate on April 4, 2018, approved a law to ratify the DTA being negotiated with Kosovo.
Singapore on March 13, 2018, announced plans to update the DTA with Bangladesh signed in 1979.
Cambodia and Vietnam on April 5, 2018, signed a DTA.
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Kosovo on April 4, 2018, approved negotiations towards a DTA with Saudi Arabia.
The Assistance in Recovery clause in the DTA between Australia and France entered into force on April 1, 2018.
The Saudi Cabinet on April 3, 2018, approved a DTA with Hong Kong.
Bangladesh and Azerbaijan on April 6 agreed to speed up negotiations towards a DTA.
South Korea and Vietnam on March 25 agreed to work towards amending their DTA.
The Moroccan upper house of parliament on April 5 passed draft Law No. 22.18, endorsing a DTA signed with Bangladesh.
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Kazakhstan's Senate on March 29, 2018, approved a law to ratify the DTA signed with Belarus.
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India and Hong Kong signed a DTA on March 19, 2018.
France and Luxembourg signed a DTA on March 20, 2018.
The Dutch lower house of parliament on March 15, 2018, approved a DTA signed with Malawi.
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Armenia and Denmark signed a DTA on March 14, 2018.