HM Revenue & Customs’ (HMRC) has implemented legislative changes to its Trust Registration Service (TRS).

The scope of the TRS has been extended to cover almost all UK express Trusts and some non-UK express Trusts established on or before 6 October 2020.

The UK TRS came into effect following implementation of the EU’s Fourth Money Laundering Directive. The directive aims to improve transparency around the beneficial ownership of assets held in Trusts with UK tax liabilities.

The Fifth Money Laundering Directive, implemented on 6 October 2020, extends the scope of the TRS with limited exclusions and covers certain non-UK trusts, but all UK express trusts. Brexit has not affected the obligation to comply, as the Directive was transposed into UK law.

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