Further to our News article in January (link below), there has been no update from the government since the technical consultation closed in February. The HMRC website still states that the feedback is being analysed.
However, HMRC has announced that the first element of the “new TRS” has been released, allowing details of trusts already registered to be updated. The new TRS is intended to provide more functionality and a better user experience. The new updating function is available to agents but involves additional authorisation steps, including a trustee setting up a digital tax account for the trust and confirming the agent authority digitally.
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