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Extensive updates to the UK's Trusts Registration Service

In highly public recent developments, the UK is bringing into force a public register of the beneficial owners of companies that hold residential property – a proposal that had been planned for some time and which has been accelerated. 

Against that background, it is important to be aware of extensive updates that are scheduled for the UK’s existing trust registration service (TRS).  In some cases, there may be an obligation to register under the beneficial ownership register and the TRS.  In other cases, there may be an obligation to file under only one register.

The TRS is not limited to trusts of land.  Unlike the public beneficial ownership register, it is essentially private – but it is possible for third parties to request disclosures. It is particularly important to note that the register is being expanded in a way that catches bare trusts and nomineeships.  Many existing trusts that have not previously needed to register (including, for example, adults holding property on behalf of minor children) will now need to register.

Many trusts will already need to be registered under the existing rules.  Non-taxable trusts in existence on or after 6 October 2020 must register by 1 September 2022.

To learn more about the upcoming changes, please click below to read our latest briefing.

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