Honeymoon for advisers over trust registration penalties 'may not last'
Those who put off planning for trust registration "might find themselves next May or June with the proverbial shedload of data to be gathered and a deadline twelve weeks away", according to Gerry Brown, trust and estate planning consultant with Isle of Man-headquartered QB Partners.
And while it is "generally believed that HMRC will be 'easy' on penalties - at least for a honeymoon period. That might well be the case but how long will the honeymoon last?"
The Trust Registration Service (TRS) is a register of the beneficial ownership of trusts. It was first set up in 2017 as a consequence of the 4th Anti Money Laundering Directive (4AMLD). Please link to International Investment to read the full article by Mark Battersby
QB Partners have launched a Trustee Registration Service to help advisers register their clients trusts, in line with TRS requirements – see details here