• UK Trust Register
  • November 24, 2017 | Authors: Janette Cattell; Patricia Milner
  • Law Firm: Withers LLP - London Office
  • 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 December 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 (the 'Regulations') to implement the UK register of trusts were published in draft earlier in 2017 and came into force on 26 June 2017. HMRC has now (on 9 October 2017) published much needed guidance (the 'Guidance') which can be found here. The Guidance addresses a number of issues and this note reflects HMRC's views, although there are still a number of points which require clarification, as set out in the PDF below.

    With penalties for non-compliance to include civil and criminal penalties as well as a fine and up to two years in prison, it is important you understand what is required and by when.

    For further information, please see our full article in PDF here.