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Trust Registration Service: where do we stand?

Sue Moore, Tax Faculty technical manager with responsibility for private client matters, provides a progress report, explaining what practitioners need to know, on the new Trust Registration Service that was introduced in 2017

Taxline image trustsThe Tax Faculty’s postbag has been full of members’ questions about the new Trust Registration Service (TRS) since it was introduced earlier this year. In discussions with HMRC we have been pressing for solutions to the problems and better guidance. We have published frequent news items with updates for members, and this article summarises what has happened and where things stand now.

The TRS has been introduced by the government to comply with Article 31 of the EU Fourth Money Laundering Directive (tinyurl.com/TX-EUMLD). It is implemented by regulation with effect from 26 June 2017. The register is now the only way to advise HMRC of new trusts and it also holds all the pertinent information about who controls, owns and benefits from the trust which can be shared with relevant authorities if there is a suspicion of money laundering.