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Trust Registration Service – challenges and opportunities for trustees and advisers

17 May 2022

Online
Trust Registration Service - challenges and opportunities for trustees and advisers

CPD Certified

1 hour's CPD can be claimed for this event if relevant to your learning and development needs.

In this IIL financial services webinar, Barbara Gardener and Niki Patel talk about the challenge that is the extension of the HMRC Trust Registration Service (TRS) to almost all trusts, regardless of any tax liabilities, especially the trusts holding life insurance investment bonds, which until now had little contact with HMRC.

Description

Money Laundering Regulations 2017 as amended in 2020 and 2022 now require almost all express trusts, unless they are specifically excluded, to register with HMRC using its online TRS. The deadline for existing trusts is 1 September 2022 and new trusts from 4 June 2022 will have 90 days to register.

Trust Registration Service - challenges and opportunities for trustees and advisers

Although it is the responsibility of the trustees to register, professional advisers are expected to assist with this task. It is therefore important to know which trusts have to register and how it is done. Given that investment bonds are frequently marketed as IHT plans involving trusts, life offices have found themselves having to explain the TRS rules to their clients. In addition, from 1 September 2022, trustees of trusts which are required to register will not be able to enter into business relationships unless their trust is registered and checking this will be another part of due diligence.

Learning objectives

  • Get clarity on who, what, why and when needs to register on TRS
  • Understand the latest TRS rules
  • Be able to assist your trustee clients with their TRS obligations

Speakers

  • Barbara Gardener, Senior Consultant Tax and Trusts, Technical Connection Ltd
  • Niki Patel, Tax and Trusts Specialist, Technical Connection Ltd

Details

Date:
17 May 2022
Time:
1:00pm - 2:00pm BST
Category:
, ,

Venue

This is an online event

Organiser

The Insurance Institute of London (IIL)
Phone:
+44 20 7600 1343
Email:
Iil.london@cii.co.uk
Website:
https://www.iilondon.co.uk/home/

Other

CPD text
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
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