Trust documents (trust deed, letter of wishes, letter of consent from trustees)
Criteria
If your business is a trust or there is a trust involved in the ownership structure, the Commission’s application disclosure requirements for Trusts are the same as those for other entity types and/or individuals that are part of an applicant’s ownership structure.
However, it is important to note that whilst the disclosure requirements set out below are general principles of the information required to support an application, the Commission retains the right to request further information or documents when this is required.
Where the Trust’s ownership equates to 3 percent or above interest in the applicant in your application, you must include:
- a copy of the trust deed
- a copy of the letter of wishes
- a copy of the letter of consent from the trustees (i.e. that they have consented to act as trustees).
Trust beneficiaries
We require an Annex A from those beneficiaries whose interest in the Trust equates to a 10 percent or more controlling interest in the applicant. The Annex A must be submitted online through our Apply for a personal licence service. If any beneficiary is under 18, then we do not require an Annex A from them.
If the beneficiary’s interest in the Trust equates to less than 10 percent but 3 percent or more, then we require the name, address, and date of birth of all beneficiaries which should be shown in the trust deed – if not, you must provide this information.
Trustees
We require an Annex A from all Trustees where the Trust’s interest in the applicant equates to a 10 percent or more controlling interest in the applicant and/or licensee. The Annex A must be submitted online through our Apply for a personal licence service.
In the case of the Trustee being a company, we require an Annex A from the person or people in that company who have lead responsibility for matters relating to the Trust.
If the Trust’s interest in the applicant equates to equates to less than 10 percent but 3 percent or more, we require the name, address and date of birth of all Trustees which should be shown in the trust deed – if not, you must provide this information.
Settlor
We will not usually require an Annex A from the Settlor. We require the name, address and date of birth of the Settlor which should be shown in the trust deed – if not, you must provide this information.
Protector
We will not usually require an Annex A from the Protector. We require the name, address and date of birth of the Protector which should be shown in the trust deed – if not, you must provide this information.
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Last updated: 23 December 2022
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