THE UK TRUSTS REGISTER
FACT SHEET
This fact sheet issued by Parslows International highlights some key aspects of the UK trusts register introduced into UK law by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI No.2017/692).
What is it / when was it introduced?
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A trust database operated by HMRC in the UK from July 2017
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What does the UK Trusts Register do? |
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Who has to register / update trust records on the UK Trusts Register?
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The trustee(s) of the trust
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Which trusts does it apply to? |
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Deadline for initial registration:
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[5 December 2017]
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Deadline for supplying / updating required data:
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31 January after the relevant tax year
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What type of data must be provided?
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Required details of the trust:
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Whose details are recorded? |
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What personal information does it record? |
For non-UK residents: passport ID number / identification card number
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How to register / update trust records?
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With HMRC via the Trust Register Service (TRS) online portal
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What happens on registration?
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A Unique Tax Reference Number is issued |
Who can access the register? |
Law enforcement agencies (e.g. HMRC, Financial Conduct Authority, National Crime Agency, various UK police services and the Serious Fraud Office)
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Implications of failing to comply?
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Civil and / or criminal penalties
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Regulatory reporting obligations and tax law can be complex with varying application depending on individual circumstances. You should seek professional advice from relevant practitioners to your particular circumstances. The information / opinions contained in this publication do not constitute professional advice.
For further information contact Mason Birbeck on 00 44 1534 630530 or email mason.birbeck@parslowsinternational.com
Main Contact: Mason Birbeck
Head | Trusts & Private Wealth