UK beneficial ownership registers: expanded public access to trust information

Changes to the UK’s Register of Overseas Entities and Trust Registration Service expand public access to information recorded on these registers.

This demonstrates the UK Government’s continued commitment to greater transparency, particularly in the context of trusts and the ownership of UK land.

Register of Overseas Entities (ROE)

Since the ROE was first introduced in August 2022, overseas entities which hold or acquire interests in UK land must register certain information about their beneficial owners with Companies House. Where the entity's beneficial owner is the trustee of a trust, certain information must be provided about that trust. However, although most of the information on the ROE has always been freely accessible to the public, this was not the case in relation to trust information, which was shared only with HMRC and other authorities.

We have previously written about proposals to significantly expand the availability of trust information on the ROE. These proposals have now been brought into force and, with effect from 31 August 2025, it is now possible for any member of the public to make an application (for a fee of £55 per entity) for disclosure of trust information held on the ROE. However, although this is a significant expansion, certain limitations apply as follows.

• If the application either relates to more than one overseas entity or would result in the disclosure of trust information relating to an individual under the age of 18, the information will not be released unless the applicant is able to demonstrate a "legitimate interest" (e.g. because the applicant is investigating money laundering or terrorist financing) in the information. It should be noted that, when these proposals were originally released, it was not clear, in relation to information regarding a child, whether Companies House would withhold all trust information requested in the application, or simply the information relating to the child. However, it appears from the relevant legislation and guidance that all of the trust information will be withheld in these circumstances.
   
• Even if the application relates to a single overseas entity and there is no information relating to a minor (meaning that the legitimate interest test does not apply), the information will be released only if the applicant can provide certain details, including the name and ID number of the overseas entity, as well as the name of any trusts to which the relevant trust information relates.
   
• Finally, as noted in our previous article, the information will not be released if a successful “protection application” has been made (e.g. because the release of the information would put the relevant individuals at risk of intimidation or violence).

Trust Registration Service (TRS)

The scope of the TRS (under which trustees of certain kinds of express trusts are obliged to file details, including information on the trust’s beneficial owners, with HMRC) has been expanded on a number of occasions since its inception in 2017. In August, we reported on the UK Government’s July 2025 response to a consultation (originally published in 2024) which confirmed a number of further amendments to the TRS, including (amongst other points) an expansion of the TRS registration requirements and the data sharing rules.

Draft regulations in respect of these changes were published in September and are expected to come into force in early 2026. 

In relation to the expansion of the data sharing rules, the draft legislation has clarified one point which was previously unclear. Currently, information registered in respect of non-UK trusts is only publicly accessible if at least one trustee is a UK resident (and certain other conditions are satisfied). Once the amendments come into force, information registered on the TRS in respect of all non-UK trusts (including those where none of the trustees are a UK resident) which hold UK land will be available to the public on request, subject to a “legitimate interest” test. However, there is no need to show a legitimate interest where the non-UK trust holding UK land has a controlling interest in a third country (effectively, non-UK and non-EU) entity – here, a person can simply make a written request to see the information. This additional gateway is currently applicable only to UK trusts or non-UK trusts with at least one UK resident trustee, and it was not clear from the July 2025 consultation response that the additional gateway would be expanded in this manner, but the draft legislation appears clear on this point.

Again, as with the ROE, information recorded on the TRS will continue to be exempt from disclosure to the public if a successful protection application has been made.

Practical implications and next steps

These changes to the ROE and TRS expand the circumstances in which trust information recorded on either register can be released to the general public. Trustees should therefore assess the potential impact of the reforms on relevant structures. It may also be appropriate to consider whether a protection application is likely to be successful and should be made.