Trust transparency measures ‘need more thought’

ICAEW urges the government to rethink its approach on improving transparency for land-holding trusts.

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ICAEW’s Tax Faculty has responded to the government’s consultation on improving transparency of land ownership involving trusts.

The government is considering options to widen access to trust information held on the Register of Overseas Entities (ROE). It is also seeking views on the extent to which the transparency could be improved around land held by trusts not associated with ROE entities.

ICAEW supports the government’s aim to tackle crime and corruption. However, the proposed changes should not go ahead in their current form and without further consideration. There needs to be a period of reflection, so that one consolidated system can be established for trusts owning UK land.

Further, if information is published, it should be specifically targeted to what is required for the needs of the public interest.

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