Trust Registration Service - challenges and opportunities for trustees and advisers

Online event
Tuesday, 17 May 2022
1:00 pm – 2:00 pm (UK time)
    • Barbara Gardener, Senior Consultant Tax and Trusts, Technical Connection Ltd
    • Niki Patel, Tax and Trusts Specialist, Technical Connection Ltd
  • Financial Services

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.

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.

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
Venue
  • Online event

Booking information:

You will be sent a confirmation email shortly after booking. If you have not received this within one hour, please contact Patricia Pedraza (020 7397 3911).

CII Accredited

This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.

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

It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.