Individuals, trustees, personal representatives and their advisers are subject to increasingly numerous and far reaching compliance and regulatory obligations. While seeking to navigate the regimes aimed at increasing transparency and minimising tax evasion worldwide, at the same time as ensuring compliance with data protection rules, trustees must have regard to their fiduciary duties and other trust law principles, such as confidentiality.
In 2014, the G20 countries agreed high-level principles on beneficial ownership transparency. This has led to the creation of different registers recording the beneficial ownership of assets.
For guidance on beneficial ownership registers which may be relevant to Private Client practitioners, see Practice Note: Beneficial ownership registers—private clients and trusts.
To implement the G20 agreed principles in the UK, the government introduced the Small Business, Enterprise and Employment Act 2015 which, together with secondary legislation and by amendments to the Companies Act 2006, requires most UK companies to collect information and keep a register of people who have significant control over a UK company (PSC register) from 24 July 2018, in the same way as they keep
To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
Tax analysis: On Legislation Day, 13 July 2026, the government published draft provisions for inclusion in Finance Bill 2027 (FB 2027, also known as...
Private Client analysis: On Legislation Day, 13 July 2026, the government published draft provisions to be included in Finance Bill 2027 (FB 2027,...
The Charity Commission has published its 2026 annual research on public trust in charities and trustee governance, prepared by BMG Research. Public...
Private Client analysis: On 19 March 2026, the Judicial Committee of the Privy Council (Privy Council) delivered its landmark judgment in A and others...
If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit
Can shares in a limited company that have not been paid-up at all be cancelled?A limited company having a share capital may not alter that share capital, except in the ways listed in section 617 of the Companies Act 2006 (CA 2006). Shares in a company cannot simply be cancelled without following an
Glossary—Latin legal termsDespite attempts in recent years to simplify the language used in legal cases, there are still a number of Latin phrases commonly used in personal injury claims. The following Latin phrases are listed in alphabetical order:Latin
Template for regulatory references given by SMCR firms and disclosure requirements[Insert addressee details]Dear [insert name][It is our understanding that [insert name of prospective employee] [was an employee of yours between the dates of [insert dates as appropriate] OR is a current employee of
0330 161 1234