Ms Sin?ad Reynolds:

It has been a long road trying to gain, I suppose, understanding because since the UK left we are the only common law member state left in the EU so we can be seen as being a bit niche and civil law jurisdictions just do not understand what a trust is and how it functions. We have had a lot of discussions with the EU about what a beneficial owner is and that it is not just the beneficiary of a trust but it is also who controls, because control is also a form of ownership. We have been looking at that very closely but in terms of trusts, we have explained what a trustee is. In terms of nominees, one of the current proposals being discussed is that perhaps if it is a nominee who is acting for a trust, that would be noted in the trust's register. At least we will know how much activity is being carried out by a nominee rather than by a beneficiary or a trustee.

The aim of this new package is to gain clarity on exactly who owns what not just in a trust but across all entities. In terms of trusts, yes, there will be, we hope, a lot more clarity but also practical clarity. It will not be legislation for legislation's sake it will make a difference and get to the bottom of who benefits from what. As Ms McVeigh said, it is very difficult. One has to balance this right under corporate law to use a nominee. We cannot lift that veil so one has to get creative to see how one can get around it. Trusts have been a sticky issue the whole way through this package but it looks likely that we will settle on a practical, enforceable arrangement.