The Money Laundering, Terrorist Financing and Transfer of Funds
(Information on the Payer) Regulations 2017
As reported in our
October 2017 edition of Snapshot, the Money Laundering,
Terrorist Financing and Transfer of Funds (Information on the
Payer) Regulations 2017 (the Regulations) require
trustees of trust based occupational pension schemes to register
their trust with HMRC. They also need to provide HMRC with a
certain amount of basic personal information about the
"beneficial owners" of the trust when they register.
Broadly speaking, all trusts (whether resident in the UK or not)
which generate a "UK tax consequence" in any tax year and
do not benefit from an exception under the Regulations are required
to register with HMRC using its online Trusts Registration Service.
A UK tax consequence will arise if the trust incurs UK liabilities
for income tax, capital gains tax, non-resident capital gains tax,
inheritance tax, stamp duty land tax or stamp duty
