The Trust Registration Service: the next iteration of the regime

The Trust Registration Service (TRS) has been in place since 2017, implementing the Fourth Money Laundering Directive. From then on, certain express trusts with UK tax liabilities were required to register.

The Fifth Money Laundering Directive greatly expands the trust registration requirements, as a result of which a significantly wider pool of trusts, including certain non-tax paying trusts, will be required to register. Additionally, the scope of the information required to be provided by those trusts already registered with the TRS has been expanded.

Solicitor Iskra Doukova and partner Isobel Morton have written an article on the next iteration of the TRS in the British Tax Review, a leading UK tax publication. The article looks at:

• the main changes to the TRS with effect from 6 October 2020;
• what information must go on the register;
• who can access the register;
• the date by which information must be provided; and
• penalties.

View the article.

This article was first published by Thomson Reuter, trading as Sweet & Maxwell, 5 Canada Square, Canary Wharf, London E14 5AQ in the British Tax Review as "The Trust Registration Service: the next iteration of the regime" [B.T.R. 2, 2021] and is reproduced by agreement with the publishers.