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Mistrustful of the trust register?
Key points
- The Fifth Anti-Money Laundering Directive should become law in March 2020.
- The fourth directive made it mandatory for UK express trusts to be registered.
- Different registration deadlines apply depending the type of tax liability incurred.
- The fifth directive will mean more trust registrations.
- Proposed deadline of 31 March 2020 for registration of existing unregistered trusts.
- Many trusts appear not to have registered under the fourth directive.
Hot on the heels of the Fourth Anti-Money Laundering Directive (4MLD) looms the prospect of the Fifth Anti-Money Laundering Directive (5MLD). As noted by Aziz Rahman in his ‘Just a thought’ article (Taxation 23 May 2019 page 21) this is scheduled to become law in March 2020 regardless of the outcome of any Brexit negotiations. The legislation looks set to change the landscape of trust regulations in the UK and could be the final nail in the coffin for trust planning for some clients. But first...
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