The Trust Registration Service (TRS) requires trustees of tax-paying trusts to provide details of those to the government. Trustees must give the prescribed information within specific deadlines in order to avoid paying a fine - for which they may ultimately be liable.

In order to comply with the new Fifth Money Laundering Directive (MLD5), the government is consulting on expanding the type of trusts that are required to register with the TRS. This will include trusts that do not have a tax liability. The consultation is open until 21 February 2020 and the government envisages the changes coming into effect later this year.