The EU’s Fifth Money Laundering Directive requires significant changes to trust registers of all EU member states, including the UK’s. In particular, all UK trusts will have to register whether or not they have tax liabilities; trusts which are already registered will have to provide some additional information about their beneficial owners; and, subject to safeguards, third parties will be able to access information on the register. Whilst trustees need not register or provide additional information until 10 March 2022 at the earliest, it would be advisable for trustees to start considering a number of practical issues and to begin populating an internal register with the information that will be needed.
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The EU’s Fifth Money Laundering Directive requires significant changes to trust registers of all EU member states, including the UK’s. In particular, all UK trusts will have to register whether or not they have tax liabilities; trusts which are already registered will have to provide some additional information about their beneficial owners; and, subject to safeguards, third parties will be able to access information on the register. Whilst trustees need not register or provide additional information until 10 March 2022 at the earliest, it would be advisable for trustees to start considering a number of practical issues and to begin populating an internal register with the information that will be needed.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
