HMRC has provided welcome confirmation that the proposed extension of the trust registration service (TRS) to include certain non-taxable trusts and to require those trusts which are currently registered to provide significant additional information will be delayed by several months.
By way of background as part of the implementation of the Fourth Money Laundering Directive the UK introduced the TRS in 2017 as a result of which certain express trusts with UK tax liabilities were required to register. The implementation of the Fifth Money Laundering Directive in the UK has greatly expanded 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...
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HMRC has provided welcome confirmation that the proposed extension of the trust registration service (TRS) to include certain non-taxable trusts and to require those trusts which are currently registered to provide significant additional information will be delayed by several months.
By way of background as part of the implementation of the Fourth Money Laundering Directive the UK introduced the TRS in 2017 as a result of which certain express trusts with UK tax liabilities were required to register. The implementation of the Fifth Money Laundering Directive in the UK has greatly expanded 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...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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