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."
Hong Kong announced on January 15, 2018, that it had entered into a competent authority agreement with France for the exchange of country-by-country reports.
Japan signed a DTA with Iceland on January 15, 2018.
According to preliminary media reports, on January 12, 2018, the Czech Republic and South Korea signed a DTA to replace their existing pact.
According to a January 12, 2018, update from the Irish Revenue, the country's DTA with Kazakhstan became effective on January 1, 2018, having entered into force on December 29, 2017.
Japan and Argentina launched DTA negotiations on January 10, 2018.
The United Arab Emirates Cabinet on January 7, 2018, approved two double tax agreements concluded with Moldova and Croatia.
Taiwanese Premier Lai Ching-Te has directed the Ministry of Finance to work towards a Taiwan-US tax treaty.
Cyprus and Saudi Arabia signed a DTA on January 3, 2018.
According to preliminary media reports, Colombia and Japan are negotiating a DTA.
Georgia and Moldova signed a DTA on November 29, 2017.
Luxembourg and Kosovo signed a DTA on December 8, 2017.
Switzerland and the United Kingdom signed a DTA Protocol on November 30, 2017.
According to an update from the Liechtenstein Government, the new DTA with the United Arab Emirates will become effective from January 1, 2018.
According to preliminary media reports, the Netherlands and Liechtenstein held a first round of DTA negotiations over three days ending November 17, 2017.
Saudi Arabia's Cabinet on November 28, 2017, authorized the signing of a DTA with Bulgaria.
Bahrain's Cabinet has approved the signing of a new DTA with Hong Kong, the state news agency said November 13, 2017.
Hong Kong announced on November 24, 2017, that its DTAs with Pakistan and Latvia had entered into force.
Finland on November 2, 2017, confirmed that a new DTA signed with Germany will be effective from January 1, 2018.
The DTA between Cyprus and Iran will become effective from January 1, 2018.
India ratified a third Protocol to its DTA with New Zealand on November 2, 2017, publishing a Notice in its Official Gazette.
Gibraltar and the United Kingdom are considering launching negotiations towards a DTA, according to recent comments from the UK's Economic Secretary to the Treasury.
Barbados and Italy have exchanged instruments of ratification in respect of a DTA, which will now become effective from January 1, 2018.
Switzerland's Government on October 25, 2017, adopted a dispatch on the DTA concluded with Pakistan, enabling its ratification.
Spain and Portugal signed a DTA on October 18, 2017.
Pakistan and Latvia initialed a DTA on October 25, 2017.