Further to our previous News item (link below), the government has now published a detailed technical consultation on extending the Trust Registration Service (TRS).
The current position is that affected trusts are only required to register once they incur a tax liability. This position is to be widened to include UK express trusts and some non-EU resident express trusts irrespective of whether the trust has incurred a tax liability. The Fifth Money Laundering Directive (5MLD) recognises that EU member states’ measures to implement the Directive should be proportionate to the risks and have due regard to an individual’s right to the protection of personal data. The government proposes to define the scope in a way that is proportionate to the risk and to therefore not bring into scope trusts where:
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