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ARTICLE · 12 SEPTEMBER 2017

UK Trust Register

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If you are a trustee of a UK resident trust or of a non-resident trust which has UK assets or UK source income you may need to take action before 5 October 2017.

United KingdomCorporate/Commercial Law
Patricia Milner
Patricia Milner
Janette Cattell
Janette Cattell
David McLellan
David McLellan
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If you are a trustee of a UK resident trust or of a non-resident trust which has UK assets or UK source income you may need to take action before 5 October 2017.

Background

As part of the fight against money-laundering, organised crime and terrorist financing, the EU's Fourth Anti-Money Laundering Directive ('4MLD') was sanctioned in 2015. It includes provisions designed to increase the transparency of companies, trusts and other structures with a requirement for each EU Member State to keep a register of trusts.

UK Regulations set out to implement the UK register of trusts were published in draft earlier in 2017 and came into force on 26 June 2017. Much of the details has been left unchanged, however, there are a small number of issues which have been changed and/or which require further clarification from HMRC, as set out below.

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