With the deadline for the registration of trusts looming we are spending a lot of our time making sure that clients are registering their trusts. Do you have any trust funds and if so have you registered them? They need to be registered by the 1st September. Even if the deadline has passed by the time you read this article, your trust will still need to be registered.
The benefits of putting funds into a trust includes: Protecting your assets in your lifetime and ensuring your estate is securely and safely passed on.
The Trusts Registration Service (TRS) is a new online service that provides a single route for trustees and personal representatives of complex estates to comply with their registration obligations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
There are some exceptions to registering trusts and these include:
• Holds money or assets of a UK registered pension scheme – like an occupational pension scheme.
• Holds life or retirement policies (as long as the policy only pays out on death, terminal or critical illness or permanent disablement, or to meet the healthcare costs of the person assured).
• It’s a charitable trust that is registered as a charity in the UK or which is not required to register as a charity
As with most regulation changes this can often lead to confusion, so if you would like to have your hand held through the registration process please pick up the phone and give us a call today and book a free without obligation consultation.
The content included on this page is based on our understanding of the UK law at the time of publication. It may be subject to change and may not be applicable.
