The Trusts Registration Service Deadline – Time is Running Out

The Trust Register Deadline  – 5th March 2018

In order to comply with EU legislation, notwithstanding Brexit, the government enacted legislation on 26 June to ensure that the UK is compliant with the Fourth Money Laundering Directive. This legislation was aimed specifically at the creation of a register for Trusts within the scope of UK taxes.

The register will be maintained by H M Revenue & Customs and whilst it will not be accessible by the public, it will be made available to other government bodies.

The information which will need to be disclosed as part of this Trust registration process is extensive and will cover, for each settlor, trustee, beneficiary and other person of influence, details of their name, address, date of birth, National Insurance number (if UK resident) and passport or ID number (if non-resident).

It will also be necessary to disclose details of the Trust assets and values. There is a requirement to update the records for each tax year in which the Trust is within the scope of UK tax and the first deadline for provision of this information, in relation to Trusts which were liable to pay tax in the fiscal year ended 5 April 2017, will be 5 March 2018.

If you need any assistance with the registration process please contact Darren Hersey darren.hersey@sgllp.co.uk or Debbie Dolega debbie.dolega@sgllp.co.uk in our Tax team or call us on 020-7447-9000.