Trust registries, discretionary trusts and beneficial owners: a dubious gift from civil lawyers?

Abstract

Registries have lately been introduced in several jurisdictions for the purpose of identifying the beneficial owners of trust property. This article examines the design of the UK registry from an Australian perspective. Problems of coherence and over-inclusion are identified in the way that the registry applies to discretionary trusts. “Control over the trust” senses of “beneficial owner” are examined in the light of good drafting criteria and authoritative statements of trusts law. Whether legislation enacting the registry will withstand future judicial scrutiny is questioned.