Non-compliance with the new Beneficial Trust Register may lead to fines and prosecution, warns accounting, tax and advisory practice Blick Rothenberg.

Rebecca Goldring, manager at Blick Rothenberg,  called this new register "onerous" and akin to a "big brother" attempt.

“Trustees are now required to report not only beneficiaries with an absolute interest in trust assets, but those with a discretionary interest - a mere hope of benefitting. This could therefore include those identified in letters or memorandum of wishes or similar documentation.”

She added: “Instead of simpl...