Tag: trusts

The five most common reporting errors for trusts to avoid

HM Revenue & Custom’s (HMRC) compliance team has identified the five most common errors made by UK administered trusts which are Financial Institutions (FIs) when fulfilling their obligations under the International Tax Compliance Regulations 2015. These obligations relate to Automatic Exchange of Information (AEOI) which includes the Common Reporting Standard (CRS) and the Foreign Account… Read More The five most common reporting errors for trusts to avoid

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GDPR and trusts and estates: new guidance coming

STEP is aware that many members are looking for clarification as to how GDPR should be interpreted in the context of trusts and estates. STEP’s Data Protection Working Group has made submissions to, and had discussions with, the Information Commissioner’s Office on this topic, and intends to publish guidance early next year (most likely in… Read More GDPR and trusts and estates: new guidance coming

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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

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Reviewing the New Zealand Property (Relationships) Act: have your say

You might not know it, but New Zealanders have a love affair with trusts. NZ practitioners probably won’t be surprised to hear that there may be anywhere between 300,000 to 500,000 trusts in the country, one of the highest per capita rates in the world. But trusts can lead to unfair outcomes when a relationship… Read More Reviewing the New Zealand Property (Relationships) Act: have your say

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Trustees, have you got your LEIs?

The Global Legal Entity Identification Foundation (GLEIF) has designed a system whereby every ‘legal entity’ will need to register and obtain a unique identification number – a Legal Entity Identifier (LEI) when new European legislation, the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) takes effect in the UK. If the entity does… Read More Trustees, have you got your LEIs?

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European Data Protection Supervisor voices privacy concerns over 4AMLD

The European Data Protection Supervisor’s Opinion on proposed amends to the Fourth EU Anti-Money Laundering Directive (4AMLD) shines a welcome spotlight on data protection implications and the ‘significant and unnecessary risks to an individual’s right to privacy’. The Opinion, published on 2 February 2017, raises questions as to whether or not the proposed collection of… Read More European Data Protection Supervisor voices privacy concerns over 4AMLD

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Are you a Trust or Company Service Provider under Schedule 23?

UK HMRC has confirmed today that firms that advise their clients on the establishment of offshore companies or trusts may receive pre-Notice letters this month. The letter requests that advisors come forward and volunteer the following information to HMRC: name and address of the client, the entity details (name, jurisdiction, date of registration) and details… Read More Are you a Trust or Company Service Provider under Schedule 23?

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