HMRC's Trust Registration Service has brought about a hidden administrative burden, writes Rachael Griffin. Here she explains the issues...
Under the Fifth Money Laundering Directive (5MLD) all UK resident ‘express' trusts need to register, regardless of whether they are taxable or not. Despite some delays, the new ‘Trust Register Service' (TRS) was launched in September 2021, with a deadline for affected trusts to have registered by 1 September 2022. New trusts created after this date have 90 days to register from date of declaration. Generally, the deadline for registration was well understood and the industry kicked into high gear with articles and guides to help their trustee clients to meet it. In fact, so much focus...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.