TRS: making sense of Trustee obligations ahead of the 1 Sept 2022 deadline. 9 March
Understanding which express trusts and joint ownerships are excluded, or must register, how 5MLD works for trusts and the latest HMRC guidance to help clarify our obligations.
This Webinar aims to make sense of all this and help you to understand:
- the limits of the exclusions that free express trusts from the need to register;
- bare trusts: the new exclusion’s scope, and why they work so differently from 4MLD;
- co-ownership of property and life policies: some difficult issues;
- how trusts arising from estates will work, during and after the two-year period;
- What information is needed? What do you need to register a new trust on the TRS?
- The 5MLD/4MLD differences: Registerable express trusts & Registerable Taxable Trusts;
- Mental capacity of beneficiaries and trustees: how this sensitive issue will work;
- Contested matters: the key points for practitioners;
- Practice issues: what to do re old matters, cases where no funds or trustees won’t pay?
Your guide will be John Bunker, one of the professional representatives advising HMRC on the guidance in its TRS Manual, as part of the TRS sub-group of the Capital Taxes Liaison Group. John is co-editor of the Law Society IHT Planning handbook (Dec 2020), was until September 2021 Chair of the CIOT Private Client (UK) Committee, represented STEP on the Probate Users Group until November 2021 and is known to many through his lecturing on estates, tax and trusts in person and online. He is both a freelance lecturer and a consultant solicitor and chartered tax adviser with Irwin Mitchell. (The IHT handbook written with 14 colleagues from IM).