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UK Trusts Register Parslows InternationalTHE 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?

 

A trust database operated by HMRC in the UK from July 2017

 

What does the UK Trusts Register do?  

 

  • Holds records on relevant trusts
  • Enables trust records to be submitted and updated

 

 

Who has to register / update trust records on the UK Trusts Register?

 

 

The trustee(s) of the trust

 

Which trusts does it apply to?  

 

  • UK trusts
  • Non-UK trusts with UK tax consequences (i.e. the trust incurs UK liabilities for income tax, CGT, non-resident CGT, IHT, SDLT or SDRT)

 

Deadline for initial registration:

 

[5 December 2017]

 

Deadline for supplying / updating required data:

 

31 January after the relevant tax year

 

What type of data must be provided?

 

 

  • Details of the trust / its assets
  • Details of persons involved with the trust

 

Required details of the trust:

 

 

 

 

  • Trust name
  • Date of establishment
  • Statement of account describing assets / asset values
  • Country of tax residence
  • Place of administration
  • Names of professional advisers (e.g. legal, financial, tax advisers)

 

Whose details are recorded?  

  • Settlor(s)
  • Trustees
  • Identified beneficiaries
  • Other persons exercising effective control over the trust (and nature of control)
  • Persons identified as potential beneficiaries (e.g. in a letter of wishes)

 

What personal information does it record?  

  • Name
  • Date of birth
  • National insurance number or Unique Tax Reference Number

For non-UK residents: passport ID number / identification card number

 

 

How to register / update trust records?

 

 

With HMRC via the Trust Register Service (TRS) online portal

 

 

What happens on registration?

 

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)

 

 

Implications of failing to comply?

 

 

Civil and / or criminal penalties

 

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

 

Trusts, Foundations & Private Wealth


Main Contact: Mason Birbeck

Head | Trusts & Private Wealth

 


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