The UK Trust Register And Discretionary Trusts: Good News For Trustees
Trustees will not need to disclose the identity to the UK's Trust Registration Service (TRS) of a member of discretionary class of beneficiaries unless the beneficiary is named or has received a benefit from the trust after 26 June 2017, HMRC announced on Friday.
The new guidance is expected to be welcome news for trustees, particularly as new rules on matters such as ownership of UK property is likely to bring more trusts into the UK's tax net. For more information in relation to the UK tax changes for international owners of UK residential property read our dedicated blog. HMRC's previous view was that if a beneficiary could be identified their details would have to be...
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