Lee Sharpe looks at the trust registration service and what it will mean for general practitioners.
This article covers the new trust registration service (TRS) from the perspective of those tax professionals who do not specialise in trusts but may have a few clients where trusts are involved.
It highlights some of the more common scenarios where firms may need to take action to ensure that they comply with the new regime, either in terms of existing trusts or when changes need to be notified.
Background to the TRS
The TRS is not new but it has been extensively overhauled to accommodate the latest TRS requirements.
The first iteration of the TRS was set up in mid-2017 as part of the EU-wide 4th (Anti) Money Laundering Directive or 4MLD. However, its focus back then was relatively narrow, and 4MLD required only the registration of
