40.5.1 When is it not necessary to register a trust?

Under AMLD4, registration is not required in a given tax year if:

the trustees have not incurred a liability to a relevant UK tax and so do not need to file a tax return;

the trust is a non-UK express trust and has no UK source income or UK-based assets but for some other reason has incurred a liability to pay any of the relevant UK taxes;

the settlor or a beneficiary has incurred a liability to pay a relevant UK tax, but the trustees are not so liable; or

the trustees are holding the trust property as bare trustees. Here any liability to a relevant UK tax will be that of the beneficiary.

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