The government has published the outcome of its technical consultation on implementation of the EU Fifth Anti-Money Laundering Directive (5AMLD) and its impact on trust registration.
The final regulations have significantly increased the categories of trust that will be exempt from being registered (unless such a trust becomes liable for UK income tax, capital gains tax, inheritance tax, stamp duty land tax or stamp duty reserve tax - in which case the trust will need to be registered on the TRS in order for the required trust tax return to be issued). The full list of exempt trusts include:
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