Jonathan Shankland and Patrick Malone (RadcliffesLeBrasseur) examine the operation of the trust registration service, penalties for failing to register, and future changes.
Having been in use now for just over a year it is the perfect time for trustees and professional advisers alike to refresh their understanding of the scope of the trust registration service (TRS) the types of trusts it is intended to cover and its impact on non-UK trustees so as to ensure compliance and avoid penalties particularly in light of the various clarifications made by HMRC in the past 12 months.
Background
As many readers will be aware the UK introduced a variety of new trust registration and reporting requirements (‘the requirements’) in June last year in order to comply with and implement the EU Fourth Anti-Money Laundering Directive (EU 2015/849). At its heart this aims...
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Jonathan Shankland and Patrick Malone (RadcliffesLeBrasseur) examine the operation of the trust registration service, penalties for failing to register, and future changes.
Having been in use now for just over a year it is the perfect time for trustees and professional advisers alike to refresh their understanding of the scope of the trust registration service (TRS) the types of trusts it is intended to cover and its impact on non-UK trustees so as to ensure compliance and avoid penalties particularly in light of the various clarifications made by HMRC in the past 12 months.
Background
As many readers will be aware the UK introduced a variety of new trust registration and reporting requirements (‘the requirements’) in June last year in order to comply with and implement the EU Fourth Anti-Money Laundering Directive (EU 2015/849). At its heart this aims...
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:
