Shape shifter
John D Bunker breaks down the latest UK Trust Registration Service Manual guidance
Key points
What is the issue?
The Trust Registration Service (TRS) has been introduced by His Majesty’s Revenue and Customs (HMRC) to satisfy the requirements of the EU’s Fifth Anti‑Money Laundering Directive.
What does it mean for me?
HMRC has updated its TRS manual multiple times in advance of the pushed-back registration deadline of 1 September 2022. While these updates have been welcomed, they have led to some confusion surrounding what is required to be registered.
What can I take away?
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