The deadline of 23 October 2021 is approaching for filing details with the Central Register for the Beneficial Ownership of Trusts (CRBOT). Our solicitor, Claire Tuohy, provides an informative guide on what this means for trusts and trustees.
Key Points at a Glance
- New Regulations: New rules require express trusts to register their beneficial ownership details with CRBOT, managed by Revenue.
- Trustees’ Obligations: Existing express trusts must submit their information by the 23 October deadline and maintain internal records.
- Purpose: CRBOT aims to increase transparency about who controls and benefits from a trust.
Understanding CRBOT
CRBOT is a centralised register that trustees of ‘relevant trusts’ must use to file beneficial ownership details. These are trusts formed on or after 23 April 2021, including family, charitable, and bare trusts, among others.
Trustees’ Responsibilities
Trustees must collect and submit information such as the beneficial owner’s name, date of birth, address, and interest type. Legal entities require specific details too. This ensures compliance with anti-money laundering directives.
Defining a Beneficial Owner
Beneficial owners include individuals with vested interests in the trust, settlors, trustees, protectors, and estate representatives during administration.
Who Can Access the Register?
Access is limited and varies by user type:
- Competent authorities (like Revenue and law enforcement) have full access.
- Public access requires demonstrating a legitimate interest.
Compliance Penalties
Failure to meet the regulations can result in fines up to €500,000 and/or imprisonment for trustees.
Need Assistance?
For help with compliance, contact Claire Tuohy at [email protected] or call 061 449 427. Our services extend nationwide with offices in Dublin, Limerick, and Cork.
