Sam Willison's blog

 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...

Law in British regarding trust enjoys a long, amazing history since back to the primitive times of the 12th century and the Act of Uses adopted during the reign of Henry VIII in the 16th century. That time, trust and equity rules were recognized as a parallel integrity system to address “inequity” of common law around property disputes (and to appease disgruntled claimants) Initially, trust funds were mostly used for the running of “will monies” and to create family payments. Today, “trust” has evolved into an canopy term for a variety of financial structures that allow citizens to protect assets, distribute earnings, and manage wealth both for the present day and for future generations. Although traditionally associated with billionaires and entrepreneurs, trusts can benefit middle-class families as well. KEY TAKEAWAYS Think about working with a well reputed legal professional when even considering setting up a trust. Trusts are not only for the Rich. In fact, they have benefi...