EU to introduce anti-money laundering legislation for the art industry After striking a deal last week, the European Parliament and European Council presidency will enhance anti-money laundering checks (AMLs), and the new legislation specifically includes the art industry for the first time. The legislation follows warnings made by the EU Parliament committee in 2018, which...Read More

Bare trust can exist without a trust deed, says UK tribunal A taxpayer can be regarded as holding money in a bare trust for a relative, even if no trust deed or other formal trust documentation can be produced, the First-tier Tax Tribunal has decided. The individual concerned was an NHS midwife called Lily Tang,...Read More

Supreme Court Hears Case on When States Can Tax Trust Beneficiaries   WASHINGTON—North Carolina’s solicitor general told the Supreme Court that his state is entitled to tax residents who are beneficiaries of trusts created outside the state, even if they haven’t received payments from the trust. How the Supreme Court rules in the case, known...Read More

UK: Registration requirements for non-resident property investors HMRC has published guidance clarifying the registration requirements to be imposed on non-UK resident corporate investors making a direct or indirect disposal of UK commercial property. As of this week, most such investors must pay UK corporation tax on capital gains from direct or indirect sales of UK...Read More

Netherlands’ beneficial ownership register in sight Legislation to establish a partially public register of ultimate beneficial owners (UBOs) of companies and other entities was submitted to the Dutch parliament on 4 April. The register will be introduced as part of the Trade Register of the Chamber of Commerce in January 2020, after which all newly...Read More