David Downie: New trust registration rules explained

Everything advisers and clients need to know

clock • 4 min read

David Downie explores the new trust registration regime and outlines everything advisers and their clients need to know...

Expansion of the UK's anti-money laundering regime has resulted in an increase in the number of trusts that need to register with the Trust Registration Service (TRS). Previously only trusts that had UK tax to pay had to register on the TRS. However, following the introduction of the Fifth Money Laundering Directive (5MLD), many trusts with no UK liabilities, including many life office packaged trusts which hold investment bonds as the sole trust asset, will now also need to register. HM Revenue & Customs (HMRC) has confirmed that, as of the start of September 2021, non-taxable trusts...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Living together: Why rules on cohabitation need to change

Living together: Why rules on cohabitation need to change

Change will not happen overnight for cohabiting couples

Anna Stanworth
clock 29 August 2024 • 5 min read
An end to meal tickets for life? Joint lives maintenance orders explained

An end to meal tickets for life? Joint lives maintenance orders explained

Law firm reports rise in applications to vary spousal maintenance

Jo Wescott
clock 19 August 2024 • 4 min read
Under the microscope: Exploring corporation tax advice

Under the microscope: Exploring corporation tax advice

Technical insight on the workings of corporation tax

Graeme Robb
clock 12 August 2024 • 3 min read