New register for trusts

To comply with Article 31 of the Fourth Money Laundering Directive a new register for trusts is to be introduced. An on-line register will be introduced by HMRC. This will replace the current paper 41G form and ad hoc process for notifying changes. The new register should be up and running in June 2017.

Information to be held will include the identity of the settlor, the trustees, the protector if applicable, the beneficiaries and any other person with effective control over the trust. The directive also requires that the register holds the name, address, date of birth and NI number of all beneficiaries.

The information will have to be provided where there is a tax consequence of the trust – income tax, capital gains tax, inheritance tax or stamp duty land tax.