HMRC Pension schemes newsletter 110

29 May 2019

The latest pension schemes newsletter includes information on the consultation on the transposition of the Fifth Money Laundering Directive.


HM Treasury has opened a consultation on the steps that the government proposes to take to meet the UK’s expected obligation to transpose the Fifth Money Laundering Directive into national law.


The Fourth Money Laundering Directive (4MLD) placed a requirement on the UK to create a register for all express trusts that incur a UK tax consequence. As a result, HMRC set up the Trust Registration Service (TRS), which went live in 2017.


The Fifth Money Laundering Directive (5MLD) expands the scope of this register by requiring trustees or agents of all UK and some non-EU resident express trusts to register those trusts with the TRS, whether or not the trust has incurred a UK tax consequence. It also requires the government to share data from the register with a range of persons under certain circumstances.


This consultation provides an opportunity to comment on how the change to require all express trusts to register, not just those who are liable to pay tax, would impact on registered pension schemes.


Pensions schemes newsletter 110 also includes updates on:


  • Relief at source

  • Managing Pension Schemes service – user research