David Downie: New trust registration rules explained

Expansion of the UK's anti-money laundering regime has resulted in an increase in the number of trusts that need to register with the Trust Registration Service (TRS). Previously only trusts that had UK tax to pay had to register on the TRS. However, following the introduction of the Fifth Money Laundering Directive (5MLD), many trusts with no UK liabilities, including many life office packaged trusts which hold investment bonds as the sole trust asset, will now also need to register. HM Revenue & Customs (HMRC) has confirmed that, as of the start of September 2021, non-taxable trusts...