New trust registration requirements for trustees

New legislation came into force on 26 June 2017 which requires certain trustees to register with HMRC and maintain a beneficial ownership register for trusts. The creation of a centralised beneficial ownership register for trusts is a result of the EU’s Fourth Anti-Money Laundering Directive and is intended to give authorities the information they need to combat the misuse of trusts. Failure to comply with the regulations can lead to both penalties and criminal convictions for the trustees and so it is important that the new regulations be complied with.

The regulations require affected trusts to register with HMRC and provide general information relating to the trust, such as: the name of the trust; the date on which it was established; a statement of accounts detailing the assets held and the value of each category of assets. Details of the beneficial owners and beneficiaries of the trust must also be provided and updated on an annual basis.

For more information on the trusts affected by the new regulations and the deadline for registration, please see our factsheets ‘New trust registration requirements for trustees – UK trusts’, here and ‘New trust registration requirements for trustees – non-UK trusts’, here.

Leave a comment

 Security code