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GPs advised to seek legal advice over trust registration

GPs may be affected

August 17th 2022

Tagged: Scotland England Wales

By Ailsa Colquhoun

GPs are being advised to take legal advice over changes to the Trust Registration Service (TRS) to avoid financial and criminal penalties.

New rules were introduced on 6 October 2020, as part of the UK’s implementation of the Fifth Anti Money
Laundering Directive to ensure that the UK’s anti money laundering and counter terrorism regime is current, proportionate and transparent.

This extended the scope of the Register to all UK and some non-UK trusts, whether or not the trust has to pay any tax, but with some exclusions.

Previously,  TRS registration was not required for those trusts which did not pay tax.

The deadline for registration is 1 September 2022. However, HMRC have only recently issued information
on how this will apply. The situation is complex and HMRC are still clarifying some of their guidance which
was last changed on 20 July .

The following GP models may be required to register:

  • GP Surgery
  • Shares held in a GP provider type company
  • PCN bank accounts

Read an explanatory letter received by the DDA.