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Private client review for June 2021

Edward Reed and Mark Stichbury (Macfarlanes) provide this month’s review of developments affecting private clients.

Trust registration service

In a totally different context (nuclear disarmament) President Ronald Reagan famously deployed in English the rhyming Russian proverb ‘trust but verify’. The UK Trust Registration Service (TRS) designed to verify trusts has recently undergone significant expansion under the EU’s Fifth Money Laundering Directive but its full ambit is still uncertain.

The Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations SI 2017/692 (the regulations) require many trusts that do not have a UK tax liability to register with the TRS. As a reminder the TRS in the UK serves a dual purpose to capture trusts which are taxable domestically acting as an initial filing gateway and to fulfil the UK’s obligations under the Fifth Directive (which go...

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