Changes to Trust Registration Service

From that date relevant persons must ask trustees or agents who are engaging in a new business relationship with them to provide proof of registration on the Trust Registration Service.

A relevant person is an organisation working in a professional capacity that carries out due diligence checks under anti-money laundering regulations. Relevant persons are also known as obliged entities. We acknowledge that as an agent, you may also be a relevant person.

The trustee or agent who is engaging in the business relationship will need to use the online service to download a PDF copy of a report to show proof of registration. This report can be emailed to the relevant person or alternatively, can be printed off.

If a relevant person finds a discrepancy in trust data when reviewing proof of registration, these organisations will seek to resolve this directly with the trustee or agent who is engaging in the business relationship in the first instance. For example, by pointing out the discrepancy and asking them to update the proof of registration and provide the updated version. If a relevant person cannot resolve the discrepancy directly with them, they must then report the discrepancy to HMRC.

HMRC will write to trustees if a discrepancy is reported, asking for the discrepancy to be resolved. If the trustee wishes for their agent to action the discrepancy letter, they must pass this onto their agent themselves.

Once the trustee or agent has made the appropriate changes, they should download a new proof of registration document and supply this to the relevant person. If the relevant person is satisfied that the discrepancy has been resolved, they can continue to engage in a business relationship with the trust.

Further details on discrepancy reporting will be shared through future communications and guidance will be shared via GOV.UK

Trust data requests

From September 2022, HMRC may share information on the Trust Registration Service (TRS) in limited circumstances with some third parties following a trust data request. Trust data requests can be submitted on or after 1 September 2022.

Legitimate interest trust data request

Individuals or organisations must demonstrate that they are looking into a specific instance of money laundering or terrorist financing in relation to a specific trust, and that the information on the register that is the subject of the request will further that investigation.

Offshore company trust data request

Data can be requested on a trust that holds a controlling interest in a non-EEA (“third country”) company or other legal entity. A “controlling interest” is usually where the trust holds more than 50 per cent of the shares in the entity or can control it in some other way.

Trust data that may be shared

The information HMRC can share about a trust will be limited to the beneficial owners that are associated with the trust. For individuals, this includes the name, month and year of birth, country of residence, nationality, and their role in the trust.

For companies and other legal entities, the information will be limited to their name, office address and their role in the trust.

Circumstances where HMRC will not share data

HMRC will not share data on certain types of trusts, for example:

• Non-express taxable trusts that are registered only because of a liability to UK taxation and not also as a registerable express trust
• Express trusts that are excluded from registration, which are only registered because of their liability to UK taxation, a list of these can be found at TRSM23000
• Non-UK trusts with no trustees resident in the UK, that are registered only because they hold UK land or property

For legitimate interest trust data requests, if HMRC deems that the legitimate interest has not been adequately demonstrated, HMRC will not share information on the register. Legitimate interest is not adequately demonstrated when:

• The requestor is not requesting data in order to further an investigation into a specified instance of money laundering or terrorist financing.
• The information provided by the requestor does not sufficiently show reasonable grounds for suspicion of money laundering or terrorist financing on the specific trust on which the request has been made

For offshore company trust data requests, if TRS records do not show that a controlling interest in an offshore company exists, HMRC will not share information held on the register.

HMRC will not share information on specific individuals if exemptions apply to them, this means if we have been made aware that the individual:

• Is under 18
• Lacks mental capacity
• Is at disproportionate risk of one of the following: fraud, kidnapping, blackmail, extortion, harassment, violence or intimidation as a result of releasing that information

Further details on trust data requests will be shared through future communications and guidance will be shared via GOV.UK