Harwood Hutton’s Trust Registration Service assists trustees and personal representatives of complex estates in meeting their reporting obligations and avoiding potential penalties.
We can help trustees understand their likely obligations under these rules and are on hand to assist with the online registration process, which is done through gov.uk.
Following the adoption of the Fourth Anti-Money Laundering Directive (4MLD), The HMRC Trust Register came into effect in June 2017. Under 4MLD only ‘express trusts’ with certain UK tax liabilities were required to register.
As part of the implementation of the Fifth Anti-Money Laundering Directive (5MLD), the requirement to register has now been extended.
The trusts that now need to register under 5MLD include the following:
Trusts specifically excluded from the requirement to register (unless subject to UK tax) include but are not limited to:
Trustees have until 1 September 2022 to register a non-taxable trust under their control that was in existence on or after 6 October 2020.
Where newly-created UK trusts or non-UK trusts trigger an obligation to enrol on the Trust Register on or after 3 June 2022, the deadline for doing so is 90 days from the event that triggered the obligation, which could be later than 1 September 2022.
Trustees will also have 90 days from the date a change of certain circumstances occurs to update any relevant information on the Trust Register.
Trustees will be required to provide details of the trust itself (including its tax residence status and the assets it holds), as well as information in respect of the settlor(s), trustee(s) and potential beneficiaries. The trustees will be required to keep the information up to date through an annual declaration.
For more information about the Trust Registration Service, contact Chris Hadley
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