Trusts required to register and certain exemptions

Sports clubs, charities, and estates

The beneficial owners for sports clubs, charities and estates are specifically defined.

Sports clubs

Relevant trusts created to hold the assets of an Approved Sports Body under Section 235 of the TCA 1997 must register with the Central Register of Beneficial Ownership of Trusts (CRBOT).

The beneficial owners are:

• the trustees
• the committee or other governing body of the club
• any other individual who has control over the trust.

Charities

Relevant trusts that are charitable trusts under Section 2 of the Charities Act 2009 must register with the CRBOT.

The beneficial owners are:

• the trustees
• the committee or other governing body of the charitable trust
• any other individual who has control over the charitable trust.

Note

A charity is not within the scope of CRBOT where the charitable organisation is a company and there is no relevant trust. This means that no express trust was established by deed or declaration.

An incorporated charity must register on the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies. However, the charity may also have an obligation to register on the CRBOT if assets are held in trust. 

Please see the FAQ document for further information on charities and CRBOT registration.

Estates

A will trust (trust created by a valid will) only becomes a relevant trust for the purpose of CRBOT when:

• the estate has been administered
• and
• the trust established.

It is not possible to identify with certainty the subject matter of the trust until then.

On conclusion of the administration of the estate, the beneficial ownership details of the will trust must be registered on the CRBOT.

Next: Multiple member states