The UK Revenue Agency (HMRC), is implementing several measures to increase UK tax revenues.
Among them, recently, was introduced the trust registration service (TRS).
The TRS is a new online registration service for trusts, aimed at fulfilling the anti-money laundering obligations foreseen in 2017 by the UK legislation on the fight against money laundering, terrorist financing and the transfer of funds (ie The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 – SI No. 2017/692) entered into force on 26 June 2017.
This legislation provides, among other things, that the trusts (therefore the trustees) shall register and provide a series of information by the 5th of March 2018 (term that could be extended).
All the trusts that could be considered UK resident and any foreign trust with some interest in the UK (ie UK-linked) will be required to register.
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