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5MLD: major changes to the UK trust register

Jennifer Smithson, Sam Epstein and Ethan Yu (Macfarlanes) set out the resulting additional compliance obligations for many trustees.

The UK trust register (‘the register’) has been in existence since 2017. The register has a dual purpose:

  1. it is the way trusts which are liable to UK income tax or capital gains tax must register with HMRC; and
  2. it fulfils the UK’s obligation under the EU’s Fourth Money Laundering Directive to maintain a central register of the beneficial ownership of tax paying trusts.

All UK express trusts which have a liability to pay any of the relevant UK taxes (income tax capital gains tax inheritance tax SDLT (or the Scottish equivalent) or stamp duty reserve tax) are liable to register. All non-UK express trusts which incur a liability to pay any of the relevant UK taxes in relation to only the UK source income or UK assets held...

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