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Tax, trusts and tribulations
KEY POINTS
- Money laundering regulations and an EU directive were the underlying reason for a trust register.
- Was the danger of a breach of European directive obligations the reason for the premature introduction of the register?
- The initial two-step registration process was dispensed with but ‘digital exclusion’ caused problems.
- A lack of prepopulated data and understanding of information requirements was unhelpful.
- Some information requirements appear irrelevant and outdated.
- Does the postponement of Making Tax Digital indicate similar problems?
Mike Thexton’s article on HMRC technology and the use of information struck a chord having battled with the department’s trust registration service myself (see
‘A bright new future’ Taxation 22 March 2018 page 8). Rumours of the new register started emerging...
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