HM Revenue & Customs (HMRC) has extended its time constraint on the registration of trusts for money laundering supervision. The previous deadline of October 5, 2017 is extended to December 5, 2017.
As a response to the European anti-money laundering rules, UK requested all the trusts and complex estates subject to tax in UK to register by October 5, 2017. The registration process was launched in this July and can be completed online, but it received a lot of complaints that the deadline is too tight to finish the registration. Many ‘ordinary’ people acting as trustees may be unaware and unequipped to deal with the ongoing administrative and tax burden.
In order to provide sufficient time for taxpayers struggling with the information submission, an extension of two months is given and no penalty will be imposed where registration is completed after October 5, but before December 5, 2017.
It is mandatory to submit corresponding trust and estate beneficial ownership information for the purpose of registration. This makes no difference to the existing company beneficial ownership register system in UK and both systems are to be employed for plugging tax evasion and addressing money laundering issue.
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