The introduction of blanket disclosure means all UK trusts will have to register details of their ownership on the UK Trust Register from next year, resulting in millions of additional registrations.
The Association of Taxation Technicians (ATT) is warning that the extension of registration rules will put trustees at risk of civil and criminal sanctions if they fail to comply when the new rules come into force from March 2020.
The EU’s fifth money laundering directive (5MLD) came into force in July 2018 and means that the UK must implement the new rules for trusts by March 2020.