Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if the Government will commit to the full disclosure of the beneficiaries of offshore trusts.

Overseas trusts that incur a UK tax consequence are already required to register full details of their beneficial ownership with HMRC, ensuring law enforcement can access this information.

The Fifth EU Anti-Money Laundering Directive (5AMLD) requires an expansion of the scope of the UK’s register from ‘trusts with a tax consequence’ to all UK express trusts and non-EU trusts which acquire UK real estate or have a business relationship with a UK regulated entity. Access to this register will also be extended to firms regulated for anti-money laundering purposes, and those persons with a ‘legitimate interest’ in the information. The Government will consult on the transposition of this change in due course. 5AMLD has a transposition deadline during January 2020. This falls within the implementation period, and so the UK will transpose this Directive.