Registration of Trusts

Following new EU Money Laundering regulations, and as part of increasing global demands for transparency, trustees are now required to maintain specific data about all controlling persons and beneficiaries.

Trusts which are in self-assessment, or have a liability to certain other taxes in the year, must report details of their beneficial owners, together with additional information on trust assets, to HMRC. HMRC will retain this data on a Trust Register.

Read our latest Briefing Note entitled ‘Registration of Trusts’ to find out more about which trusts need to register, what a taxable relevant trust is, when trustees (or their agent) need to complete and submit the registration,  which trusts do not need to be registered,  what information is required to complete the registration process, as well the  information required in relation to complex estates.

For more information about this case and how it may affect you, please contact Krithika Sahi or a member of the Rooks Rider Solicitors’ Wealth Planning team.

Read more …. 

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