Overview
In response to the HMRC’s recent updates to the Trust Registration Service, Jonathon Goldstone, Private Client lawyer at law firm McDermott Will & Emery, commented:
‘HMRC have continued to update their guidance for the Trust Registration Service (TRS). Of note is the recent clarification around the registration of potential beneficiaries. The TRS manual has been updated to provide that, when listing the details of potential beneficiaries of a trust, these “may include individuals referred to as such in documents from the settlor relating to the trust such as a letter of wishes.” Given that letters of wishes are traditionally considered to be confidential between the settlor and trustee in most instances, this could be considered to be opening a door people had thought was locked. This could significantly impact how such letters of wishes are prepared in future, if naming individuals is likely to result in their details becoming registrable and compromise confidentiality, even if the TRS remains generally inaccessible to the public at large.’
