The Money Laundering and Terrorist Financing (Amendment) Regulations 2026
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Change 1
35 Amendment of Schedule 3A (excluded trusts)
(1) Schedule 3A is amended as follows. (2) After paragraph 1, insert— 1A A trust which ceases to be an excluded trust under paragraph 1 of this Schedule where— (a) the trust had been an excluded trust by virtue of section 34 of the Trustee Act 1925; (b) the sole reason for paragraph 1 ceasing to apply is the death of one of the trustees; and (c) less than two years has passed since that person’s death. . (3) After paragraph 8, insert— 8A (1) A trust created under a deed or instrument which— (a) varies any of the dispositions of property comprised in a person’s (“P’s”) estate on death, and (b) was made by the persons or any of the persons who benefit or would benefit from the dispositions, where less than two years has passed since P’s death. (2) In this paragraph, a person’s “estate” means the aggregate of all property to which that person is beneficially entitled. . (4) After paragraph 9, insert— 9A A trust which ceases to be an excluded trust under paragraph 9 of this Schedule where— (a) the sole reason for paragraph 9 ceasing to apply is the death of one of the trustees, and (b) less than two years have passed since that person’s death. Revocation of survivorship destination trusts 9B A trust created under a deed or instrument which— (a) revokes a survivorship destination in respect of common property in Scotland; and (b) provides that from the date of execution of the deed or instrument the common property is held in trust for the common owners equally between them and for their respective executors and assignees. . (5) After paragraph 23, insert— General exclusion 23A (1) A trust which— (a) does not hold any interest in land in the United Kingdom; (b) does not hold assets of appreciable worth with a value exceeding £2,000 in total; (c) has not held property with a cumulative total value exceeding £10,000 since the date on which it was created; and (d) does not have an income exceeding £5,000 per annum. (2) This paragraph does not apply to a trust which is a UK trust which is an express trust where— (a) the settlor has, during his or her lifetime, created one or more other UK trusts which are express trusts, and (b) one of the trusts mentioned in paragraph (a) is or was an excluded trust under this paragraph. (3) In this paragraph, “assets of appreciable worth” includes works of art, antiques, collectibles, jewellery and other non-financial assets capable of increasing in value over time. .
35 Amendment of Schedule 3A (excluded trusts)
(1) Schedule 3A is amended as follows. (2) After paragraph 1, insert— 1A A trust which ceases to be an excluded trust under paragraph 1 of this Schedule where— (a) the trust had been an excluded trust by virtue of section 34 of the Trustee Act 1925; (b) the sole reason for paragraph 1 ceasing to apply is the death of one of the trustees; and (c) less than two years has passed since that person’s death. . (3) After paragraph 8, insert— 8A (1) A trust created under a deed or instrument which— (a) varies any of the dispositions of property comprised in a person’s (“P’s”) estate on death, and (b) was made by the persons or any of the persons who benefit or would benefit from the dispositions, where less than two years has passed since P’s death. (2) In this paragraph, a person’s “estate” means the aggregate of all property to which that person is beneficially entitled. . (4) After paragraph 9, insert— 9A A trust which ceases to be an excluded trust under paragraph 9 of this Schedule where— (a) the sole reason for paragraph 9 ceasing to apply is the death of one of the trustees, and (b) less than two years have passed since that person’s death. Revocation of survivorship destination trusts 9B A trust created under a deed or instrument which— (a) revokes a survivorship destination in respect of common property in Scotland; and (b) provides that from the date of execution of the deed or instrument the common property is held in trust for the common owners equally between them and for their respective executors and assignees. . (5) After paragraph 23, insert— General exclusion 23A (1) A trust which— (a) does not hold any interest in land in the United Kingdom; (b) does not hold assets of appreciable worth with a value exceeding £2,000 in total; (c) has not held property with a cumulative total value exceeding £10,000 since the date on which it was created; and (d) does not have an income exceeding £5,000 per annum. (2) This paragraph does not apply to a trust which is a UK trust which is an express trust where— (a) the settlor has, during his or her lifetime, created one or more other UK trusts which are express trusts, and (b) one of the trusts mentioned in paragraph (a) is or was an excluded trust under this paragraph. (3) In this paragraph, “assets of appreciable worth” includes works of art, antiques, collectibles, jewellery and other non-financial assets capable of increasing in value over time. .
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