Changes in Effect! What’s New to UK Trust Registration Service? From August 2020
I n June 2017, Changes came into effect to HMRC’s Trust Register after the approval of the 4th Anti-Money Laundering Ordinance. With this trust having UK tax liabilities are required to register “ if they sustained positive UK tax liabilities ” on the Trust Registration Service. Trustees are also required to register information including details of individuals with beneficial interests being settled, trustees, beneficiaries and protectors, and persons with significant control. In order to minimize the use of the financial system for illegal funding of no ethical activities, The European Parliament introduced the 5 th Anti-Money Laundering Ordinance in April 2018 as a prolongation of their Plan. UK lawmaking endorsing these changes took effect from 10 January 2020. However, due to difficulties that arose in the early consultation process, the changes to the UK TRS were not included and a second consultation paper was published with the purpose to test whether the draft legislation r