Trusts—record-keeping and disclosure of beneficial ownership information
Trusts—record-keeping and disclosure of beneficial ownership information

The following Private Client guidance note provides comprehensive and up to date legal information covering:

  • Trusts—record-keeping and disclosure of beneficial ownership information
  • Money Laundering Regulations 2017
  • Record-keeping of beneficial ownership information for trustees
  • Disclosure of beneficial ownership information by trustees
  • Requirement to register taxable relevant trusts with HMRC
  • Reporting deadlines
  • Action points for trustees
  • Brexit impact

FORTHCOMING CHANGE: The EU Fifth Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. The directive introduces broader access to information on beneficial ownership of companies and trusts, and tighter controls on certain transactions. In particular, all express trusts (not just those with a UK tax liability in a particular tax year) need to be registered either with the Trust Registration Service (TRS) or other registration services under the extended rules. The government ran a consultation from 15 April to 10 June 2019, seeking views on the transposition of 5MLD into national law. The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 were laid before Parliament on 20 December 2019 and are in force from 10 January 2020. The consultation outcome and consultation responses were published on 23 January 2020. On 24 January 2020, the government published a further technical consultation on draft legislation making further amendments to the 2017 regulations, SI 2017/692 to transpose 5MLD in relation to trust registration. The updated trust registration requirements are due to apply from 10 March 2020 in accordance with 5MLD. The consultation document looked in particular at the types of express trusts that will be required to register with TRS under the extended rules and