Latest news
& updates
Update on IHT on Pensions – outcome of government consultation – July 2025
In the Autumn Budget 2024, the government announced that most unused pension funds and death benefits would be included in the value of a person’s estate for Inheritance Tax (IHT) as from 6 April 2027. A consultation was then launched, that ended in January 2025, to confirm some of the practical issues over liability, reporting … Continued
Read moreChanges to Trust Registration Requirements
The Government have published their response to the 2024 ‘Improving the effectiveness of the Money Laundering Regulations’ consultation and we are delighted that common sense has finally prevailed in relation to the registration of trusts that only hold a nominal amount. What are the planned changes? The Government will introduce a new exemption for trusts … Continued
Read moreTrust Registration – Provider Discrepancy Checks April 2023
Legislation Update April 2023 TRUST REGISTRATION – PROVIDER DISCREPANCY CHECKS As we know, as part of the UK’s implementation of the fifth EU Money Laundering Directive, all UK Express Trusts must be registered on HMRC’s online Trust Registration Service (TRS) unless they are exempt. All Trusts that are liable for UK tax are also required … Continued
Read moreUpdates to the HMRC Trust Registration Service
As of 1 March, there have been several updates and changes to the Trust Registration Service (TRS) submission process, we will outline the most relevant ones in this article. Deadlines: Non-taxable Trusts (registerable express Trusts) are required to be registered by 1 September 2022 or within 90 days from the date of creation. Changes to … Continued
Read moreLife policies in Trust
When it comes to life insurance and estate planning, in order to ease the process of distributing the funds following the death of your client, an insurance policy can be held as an asset in the Trust. This Trust, subject to certain conditions, may be excluded from registration during the lifetime of your client/the person … Continued
Read moreHMRC have confirmed that Trusts closed since 6th Oct 2020 need to be registered
HMRC’s Trust Registration Service (TRS) started on 1 September 2021 with a deadline of 1 September 2022 for all existing Trusts to be registered. There has been some confusion over whether or not Trusts that have closed or will close before 1 September 2022 need to be registered, i.e. if the Trust closed before the … Continued
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