FAQ Trust Registration Rules

Описание: Important Legislative Change Update for Trustees and Settlers.

In this week’s FAQ Video, Jasmine Lambert explains what the new Trust Registration rules mean and how this places a more significant legal responsibility on Trustees and Settlers to report on Trusts they own or administer.

In the past, HMRC required the completion of paper Form 41G (Trust) to register a new Trust. This captured important information such as the names and addresses of the Trustees, details of any professional agent acting, the governing law, Lifetime Trust or Will Trust, and so on. HMRC did state, however, “if there is no income arising, and no likelihood of income or gains in the future, you do not need to complete this form”.

This was a helpful exclusion in situations where the Trust Fund simply comprised a non-income-producing investment bond.

HMRC embraced the digital world when it recognised the UK government obligations under 4MLD. Therefore, form 41G (Trust) was withdrawn, and instead, Trusts that are required to register must do so through the HMRC Trust Registration Service.

These new rules have been introduced by the Money Laundering, Terrorist Financing & Transfer of Funds Regulations 2017 to ensure that the UK has an anti-money laundering and counter-terrorist financing regime that is up to date, effective and proportionate, with improved transparency about the ownership of assets held in trusts.

If you need help with your Trusts please call us on 01489 877 547 or visit us at https://redwoodfinancial.co.uk/estate...

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