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What’s next for the trust register?
Key points
- Under the Fifth Money Laundering Directive all UK trusts (and some non-UK trusts) will need to be entered in the trusts register.
- These trusts need to be added to the UK trusts register by autumn 2022.
- The information a trust must supply when and who can access the register vary by the type of trust.
- Identifying new categories of trusts and alerting trustees to their new obligations will be challenging.
- Non-taxable UK trusts only need to supply details of their beneficial owners and controlling interests in other countries.
After all the work getting details held on the UK’s trust register up to date this January advisers now have a new challenge – adding a much wider range of trusts to the register by autumn 2022.
Under new rules which took effect in October 2020 registration is now no longer limited to trusts with...
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