New rules were introduced on 6 October 2020, which extend the scope of the trust register to all UK express trusts and some non-UK trusts, regardless of whether the trust has to pay any tax.
Introduced as part of the UK’simplementation of the Fifth Money Laundering Directive (5MLD), these new rules ensure the UK has an up-to-date anti-money laundering and counter terrorist financing regime that is effective and proportionate, as well as providing improved transparency about the ownership of assets held in trusts. For trusts set up on or after 6th April 2021, they must register by the later of 1 September 2022 and 90 days after the trust first becomes registrable. Failing to comply within the deadlines will run the risk of receiving penalties.