The trust registration service one year on

The trust registration service (TRS) was introduced by HMRC in June 2017 to comply with the EU Fourth Anti-Money Laundering Directive. Trustees have to register all taxable relevant trusts with HMRC via the TRS, although there have been some changes to requirements of trusts with non-UK resident trustees. The level of detail that must be reported on the TRS is much greater than was previously supplied on form 41G, requiring trustees to maintain an accurate and up-to-date record of the beneficial owners at all times. HMRC has confirmed that the penalties for non-compliance would be severe, with civil and criminal proceedings both possible.