Widening scope
Lara Crompton asks if a US revocable trust needs to be registered on the UK Trust Registration Service
Key points
What is the issue?
His Majesty’s Revenue and Customs (HMRC) has significantly expanded the scope of the requirement to register under the Trust Registration Service (TRS), as part of the implementation of the EU Fifth Anti‑Money Laundering Directive.
What does it mean for me?
From January 2018, UK and non-UK trusts were required to register with the TRS only if they had a UK tax liability. From 1 September 2022, the requirement to register is no longer confined to trusts with a UK tax liability and many more arrangements have been brought into the scope of the TRS.
What can I take away?
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