40.3.1 Background

Regulation 45 of the 2017 regulations obliges HMRC to maintain a register of beneficial owners and potential beneficiaries of a relevant trust (see 40.4.1 below) in any tax year ‘in which the trustees of the trust are liable to pay any relevant UK tax in relation to the income or assets of the trust’. This is a ‘taxable relevant trust’. If there is no tax liability at trust level, registration (or an annual return of an already registered trust) is not currently necessary (see 40.4.1 below), although, as mentioned above, this is set to change under 5AMLD (see 40.4.3 below).

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