Urgent action required by trustees

Published on 14 December 2017

Share this article

HM Revenue & Customs Trust register

As a result of the EU’s Fourth Money laundering Directive, HMRC have recently introduced a Trust Register. The register will be an online record of all trusts subject to UK taxes. The register will contain details of the trustees, settlor, beneficiaries and trust assets.

The deadline for completing the register for trusts created after 6 April 2016 is 5 January 2018 and for trusts in existence before 5 April 2016 the deadline is 31 January 2018.

Automatic exchange of information regulations

These regulations are designed to allow the exchange of information about financial accounts and investments between tax authorities of different countries in order to help stop tax evasion. UK trustees are required to identify any person connected to the trust who have links to countries outside of the trust’s country of residence and report certain details to HMRC.

Legal entity identifier (LEI)

This is a requirement arising from the EU financial markets regulations. Where trustees hold investments there is a requirement to obtain a LEI in order to deal in financial investments through the London Stock Exchange.

Trustees have until 3 January 2018 to obtain a LEI or trading in investments cannot take place. The majority of investment managers will be applying for the LEI on behalf of trustees but we recommend that trustees contact their advisers as soon as possible to confirm the position. Trustees who do not have an investment manager will need to apply for a LEI at the London Stock Exchange.

If you require any further information regarding trustees’ obligations under the new regulations please contact your usual Kreston Reeves adviser here or alternatively contact Jamie Hopkins here or on +44 (0)330 124 1399.

We periodically send out complimentary newsletters, click here to receive yours.

Share this article

Subscribe to our newsletters

Our complimentary newsletters and event invitations are designed to provide you with regular updates, insight and guidance.

    • Business, finance and tax issuesPersonal finance, tax, legal and wealth management issuesInternational business issuesCharity and not-for-profit issues

    • Academies and educationAgricultureFinancial servicesLife sciencesManufacturingProfessional practicesProperty and constructionTechnology

    • yes I agree I have read and accept the privacy policy and am happy for Kreston Reeves email communications I have selected above

    You can unsubscribe from our email communications at any time by emailing [email protected] or by clicking the 'unsubscribe' link found on all our email newsletters and event invitations.