UK requirement to correct offshore affairs applies to trustees too HMRC has just updated its guidance on the new requirement to correct offshore non-compliance, clarifying details of the deadlines, and how to reduce penalties once the taxpayer becomes liable. With the 30 September requirement-to-correct (RTC) deadline now less than 80 days away, law firms are...Read More

Offshore trusts that indirectly hold UK residential property do not need to register HMRC has conceded following a letter from STEP’s UK Technical Committee that non-UK trusts that incur IHT as a result of schedule A1 do not need to register on the TRS on the basis that no other UK tax is due by...Read More

US: Corporate trustees can be company beneficial owners Law firms are issuing analysis of the customer due diligence rules now enforced on American banks by the US Treasury’s Financial Crimes Enforcement Network (FinCEN), mandating the identification and verification of beneficial owners of legal entity customers. One point is that the trustee of a trust that...Read More

British Overseas Territories will fight orders to open up beneficial ownership registers   On Tuesday (1 May 2018), the UK government reluctantly agreed to force British Overseas Territories to introduce publicly available registers of company beneficial ownership. A large group of campaigning MPs from all three parties, led by Labour MP Margaret Hodge and Conservative...Read More

UK: Beneficiaries of foreign trusts will not be named on public register of property-owning entities The UK government has published its final plan for a public register of beneficial ownership of foreign companies and entities that own UK property. The register, which will come into operation in 2021, is intended to tackle corruption, in particular...Read More