New anti-money laundering requirements affecting trusts and estate administration

HMRC has launched its “trusts register” for trustees and personal representatives of complex probate matters.

Trustees and personal representatives now have a single point of online access to comply with their new registration and reporting obligations.  All trusts and estates with a tax liability must be registered and provide information about the trust assets and the identities of settlors, other trustees, beneficiaries, those with effective control over the trust and anyone identified in a document or instrument relating to the trust.

On an annual basis, the trustees will now have to ensure and confirm that the trust register is accurate and up to date, even where trusts were registered under the old system (Forms 41G).  The registration deadline for new trusts has been extended to December 2017 and the registration deadline for existing trusts falls early in 2018.

This provision may affect you if you are involved with sorting out someone’s affairs after they have died, or if you are a trustee of a trust of any kind.