Q&As

Where the beneficiaries of a discretionary trust are not named individually, but are identified by reason of belonging to a particular class or group, what are the trustee’s duties under regulations 44 and 45 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017)?

read titleRead full title
Published on LexisPSL on 21/11/2017

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • Where the beneficiaries of a discretionary trust are not named individually, but are identified by reason of belonging to a particular class or group, what are the trustee’s duties under regulations 44 and 45 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017)?

Where the beneficiaries of a discretionary trust are not named individually, but are identified by reason of belonging to a particular class or group, what are the trustee’s duties under regulations 44 and 45 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017)?

The draft HMRC guidance issued on 9 October 2017 states on page 19 in the section entitled ‘Can you give examples of how a beneficiary should be identified/named?’ that the grandchildren of the settlor, who are all living, should be identified as a class unless named. By contrast, on page 20 of the same guidance, in the example of a trust settled by John Smith and Jane Green, HMRC state that: ‘When a child or grandchild is born, at that point in time he or she should be named on the TRS’.

In ‘5.3.2 Which beneficial owners do the trustees need to note and record?’ of the Law Society

Popular documents