Explaining the updated trust registration service

I don’t know about other Taxation readers but after getting excited about the trust register and the latest consultation published at the start of this year (tinyurl.com/umchm9u) such matters rather fell off my radar in March. But then a new version of the trust registration service (TRS) went live unexpectedly in April. Combine that with the potentially significant expansion of the register coming down the track and it is probably time to review where we are and what we know so far.

Background

As a warm up let’s have a quick recap of the trust register and the reasons for it. Similar to the register at Companies House the register mainly contains details of a trust’s beneficial owners – the key individuals involved in each reported trust including the settlor(s) trustees and beneficiaries.

Registration...