Registration rules for high risk trusts face overhaul

The government is planning to change the reporting requirements for trusts filing on the Trust Registration Service and introduce a de minimis tax threshold

The proposed amendments to the Trust Registration Service, the central register of the beneficial ownership of taxable trusts, are intended to increase transparency in relation to certain higher risk trusts while reducing administrative burdens on low-risk trusts.

The Treasury warned that ‘because trusts are arranged privately, they can be used to conceal the beneficial ownership of assets, and thereby facilitate money laundering’.

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