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Impact of new trust register regulations on taxable trusts

04 May 2021 / Helen Thornley
Issue: 4790 / Categories: Comment & Analysis
What’s next for the trust register? Part 2

Key points

  • Existing taxable trusts must supply additional information on their beneficial owners and controlling holdings for their record.
  • Trusts already on the register can start to provide additional information from 4 May 2021.
  • In future trusts acquiring a tax liability will be required to update the register within 30 days.
  • Anyone with a ‘legitimate interest’ may access information held on the register for taxable and non-taxable trusts from a date expected to be in summer or autumn 2022.

In my previous article (Taxation 22 April 2021) I outlined some of the changes to the trust register following new regulations introduced last year setting out the various new types of non-taxable trusts which will need to be registered. In this article I am going to look at the impact these regulations will have both on taxable trusts and who has access to the register. ...

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