HMRC has published a new internal guidance manual dealing with the new trust registration requirements. The Trust registration service manual sets out which trusts need to be registered, deadlines for notification, trustee data retention obligations and third-party access requests. The manual will be of particular interest to advisers or individuals who are involved with trusts or estates within the UK or with links to the UK.
The manual provides guidance for:
‘registrable taxable trusts’ (i.e. those trusts with a UK tax liability which were already required to register under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692); and
‘registrable express trusts’ (i.e. trusts required to register as a result of the introduction of the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations, SI 2020/991).
HMRC has published a new internal guidance manual dealing with the new trust registration requirements. The Trust registration service manual sets out which trusts need to be registered, deadlines for notification, trustee data retention obligations and third-party access requests. The manual will be of particular interest to advisers or individuals who are involved with trusts or estates within the UK or with links to the UK.
The manual provides guidance for:
‘registrable taxable trusts’ (i.e. those trusts with a UK tax liability which were already required to register under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692); and
‘registrable express trusts’ (i.e. trusts required to register as a result of the introduction of the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations, SI 2020/991).
