Register of beneficial ownership of trusts: who does it affect?

The launch of a register of beneficial ownership of trusts from June 2017 will sweep up all UK trusts and non-UK trusts with UK tax liability, with only bare trusts excluded. Jason Collins, partner and head of tax investigation, and Paul Noble, tax director at Pinsent Masons examine how the system will work and provides tips on the extended HMRC notification process

The UK is introducing a new register of beneficial ownership of trusts from 26 June 2017 . The new registration requirements will apply to all UK trusts and to non-UK trusts which receive income from a source in the UK or have assets in the UK on which they are liable to pay UK tax.

Trustees will be required to provide information about the trust including the identity of the settlors and beneficiaries and the value of the trust assets, including the address of any property held by the trust. Information will have to be updated annually.

Under current UK proposals, the register will only be accessible by tax and law enforcement authorities.

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