TRSM60020 - Trust Data Requests: contents: legitimate interest and offshore company Trust Data Requests

There are two types of Trust Data Requests:

Trust Data Request – Legitimate Interest

Requesters must demonstrate to HMRC that they have a ‘legitimate interest’ in the information they require to access. This is where;

  • the requester shows they are involved in an investigation into money laundering or terrorist financing, and,
  • the requester shows they are requesting the information in order to further an investigation into a specified suspected instance of money laundering or terrorist financing.

Requesters are expected to provide a rational basis which objectively explains why they think a Relevant Registered Trust (see TRSM60010) might be involved in money laundering or terrorist financing.

Additionally, HMRC must conclude that:

  • the information provided by the requester to support their request shows the requester has reasonable grounds to suspect the trust is being used for money laundering or terrorist financing, and,
  • releasing the information would not prejudice any existing or potential investigation (criminal investigation or proceedings or any other investigation mentioned in section 342(1) Proceeds of Crime Act 2002).

Trust Data Request – Offshore company

Requesters can obtain access to Relevant Registered Trust information where a trust has a controlling interest in an offshore company or other entity that is not a UK or EEA entity. For these purposes, a Relevant Registered Trust has a controlling interest in an offshore company where it holds more than 50% of shares or voting rights in that entity.

HMRC must review the trust record and establish whether the trust subject to the request holds a controlling interest in an offshore company or other entity. If this is the case, HMRC is obliged to release the relevant information. HMRC’s obligation to release trust information for an offshore company Trust Data Request is not restricted to specific cases of money laundering or terrorist financing.

For both types of requests, the information requested must be about a specific trust which can be identified with certainty from the information provided, and not about persons. Requesters must specify in their submission which type of Trust Data Request they are making. Even where all the requirements are met, the trust information may not be released to the requester if exemptions apply, (see TRSM60040).