How cross-sector collaboration clarified life and health trusts registration protections

The 1 September deadline has passed for registerable trusts, simplifying the timescale to the same 90 days for all nontaxable trusts. It seems a good time to highlight other simplifications, affecting trusts of insurance policies, which may not be immediately apparent.… Read More How cross-sector collaboration clarified life and health trusts registration protections

HMRC releases report on its review of powers to uphold its standard for agents

The UK’s HM Revenue and Customs (HMRC) has recently published a review of its powers to tackle poor agent behaviour and uphold standards for its agents. This follows an HMRC call for evidence in 2020 about raising standards in the tax advice market, which STEP responded to. STEP also replied to the consultation through the… Read More HMRC releases report on its review of powers to uphold its standard for agents

The UK replaces DAC6 with the OECD’s model Mandatory Disclosure Rules (MDR) post-Brexit

The disclosure of cross-border tax planning arrangements under Council Directive (EU) 2018/822 (DAC6) came into force on 1 July 2020 and requires reporting of any persons involved in cross-border arrangements, including loan agreements, payments from a resident of one country to a resident of another, or putting funds in an offshore trust, if one of the… Read More The UK replaces DAC6 with the OECD’s model Mandatory Disclosure Rules (MDR) post-Brexit

STEP welcomes UK government response to Fifth Anti-Money Laundering Directive consultation

Update 11 August 2020: It remains unclear exactly when the proposed Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 will come into force as this is being created by way of a Statutory Instrument, which is subject to the sifting procedure in Parliament. This is a special procedure for EU legislation, and the… Read More STEP welcomes UK government response to Fifth Anti-Money Laundering Directive consultation

Update from HMRC’s Trusts and Estates team

HMRC’s Trusts and Estates team met with the Agents Advisory Group and Capital Taxes Liaison Group in May and provided the following updates: Operational update Despite the unique challenges presented by the current COVID-19 situation, inheritance tax and trusts operational areas are currently meeting all key targets and processing post and new accounts within published… Read More Update from HMRC’s Trusts and Estates team

Trust Registration Service: clarification on reporting requirements

It has come to STEP’s attention that in HMRC’s GOV.UK guidance on how to register a trust, the guidance about which beneficiaries need to be registered on the Trust Registration Service (TRS) differed in certain important respects from the HMRC guidance that was published on 22 November 2017. For example, the GOV.UK guidance said: ‘When… Read More Trust Registration Service: clarification on reporting requirements