Q&As

Do type C trusts in the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020, SI 2020/991, reg 45ZA(1)(c) only relate to interests in UK land acquired on or after 6 October 2020? Will a Jersey Property Unit Trust holding UK real estate but with no UK tax liability have to register only where the UK real estate was acquired from 6 October 2020 or will it have to comply with the registration provisions on a retrospective basis?

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Published by a LexisNexis Private Client expert

Published on: 14 April 2021

The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (MLR 2020), SI 2020/991, reg 45ZA(1)(c) provides:

'(c) a “type C trust” is a non-UK trust which is an express trust and is not a trust listed in Schedule 3A, where none of the trustees are resident in the United Kingdom and those trustees, in their capacity as such, acquire an interest in land in the United Kingdom.'

MLR 2020, SI 2020/991, reg 45ZA(5)(a) provides that the information required must be provided by 10 March 2022 'in the case of a trust which first falls within paragraph 1(a), (b) or (c) before

Jurisdiction(s):

United Kingdom

Key definition:

Trust definition

What does Trust mean?

An equitable obligation (ie a duty imposed by the law of equity), binding the trustee to deal with property over which he has control (the trust property), for the benefit of persons (the beneficiaries), of whom the trustee may be one, and any one of whom may enforce the obligation.