Date Published: 18/04/2022 12:06
Will the planned changes being introduced by the Trust Registration Service affect you?
FUTURE Life Wealth Management has been made aware that changes are being introduced to the legislative requirements for some trusts.
The changes are being made by the Trusts Registration Service (TRS) - and they will apply even for those that previously registered with HMRC via the paper based 41G form.
Early indications are that these potential changes could be significant, and we are therefore recommending that anyone who is a trustee of a trust should check what actions they might need to take.
Future Life Wealth Management is not in a position to provide you with assistance on this matter, but we want to ensure that all our clients are made fully aware of the implications.
We are also advising clients to seek assistance and guidance without delay.
In acknowledging that the legislation does not impact all trusts, we understand that it will affect many of them.
Due to the fact that Future Life Wealth Management is not a tax advisor, we are not going to comment specifically or provide proactive solutions on this occasion.
We will, in all cases, need to signpost you to an accountant for them to support you – and we are happy to do this should you feel that there is need.
Additionally, we’ve detailed below are several places where additional information can be obtained on the registration requirements.
The HMRC manual can be accessed HERE.
The number for the Trust Helpline is: 0300 123 1072.
An excellent summary of the digital process is available HERE.
Future Life Wealth
Management Limited,
Future House,
54 Ravenshorn Way,
Renishaw, Sheffield S21 3WY
+44 (0) 1246 435 996
info@wealthmanagement.uk.com
Opening Hours
Monday - Friday 8.30am - 5.00pm
Future Life Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority
The Financial Conduct Authority does not regulate taxation & trust advice
We are entered on the The Financial Conduct Register No 509960 at www.fca.org.uk/register
The Financial Ombudsman service can be found at www.financial-ombudsman.org.uk
Registered in England No. 07036892 Reg. Address: Leodis House, 11 Pavilion Business Park, Rodys Hall Road, Leeds, LS12 6AJ
The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
The value of your investment can go down as well as up and you may not get back the full amount invested.
Your home is at risk if you do not keep up with your mortgage repayments.
Equity release is a lifetime mortgage or home reversion plan. To understand the features and risks please ask for a personalised illustration.
We do not offer advice in relation to home reversion plans.
The tax observations contained in this website are made in good faith and are based on our understanding of current Revenue and Customs regulations. We cannot accept any responsibility for any future regulation that may retrospectively happen.