Media Centre

10th July 2017
New LEIs and Trust Register

Legal Entity Identifiers

New European legislation coming into effect at the start of 2018 requires legal entities (i.e. companies, charities, trusts excluding bare trusts, pension funds excluding SIPPs and any other unincorporated bodies) to obtain a ‘Legal Entity Identifier’ (LEI) in order to continue to receive investment services after 3rd January 2018.

The LEI is a 20-character alphanumeric reference code that is unique to each legal entity and enables regulatory authorities in the UK and the rest of Europe to monitor trading activity with specific emphasis on market abuse and market manipulation.

There will be a cost for obtaining an LEI and a renewal fee each year.

We will be contacting all relevant account holders with further information in due course but if you have any questions in the meantime, please speak to your advisor.

BRI's LEI fact sheet can be found here.

HMRC Trust Register

HMRC have created a new online trust register, whereby trustees will have to provide significantly more information every year, including details of the trust and all the parties to it.

Key points:

• All trusts with a UK tax liability will need to be registered, including those that have already submitted a paper registration form (Form 41G (Trust) to HMRC

• Any new trusts with a UK tax liability will be required to use the registration service to obtain a unique taxpayer reference

• Trustees will need to update the register each year that the trust generates a UK tax consequence

• Trustees must ensure and confirm that the Trust Register is accurate and up to date, ensuring their obligations under the EU Fourth Money Laundering Directive (4MLD) are complied with

HMRC launched the register in June 2017 and it is due to be rolled out in phases. Initially only lead trustees and personal representatives will be able to use it. This new service replaces the paper version Form 41G and should provide greater tax transparency going forward.