Blog | Trustee Support Services

Automatic Exchange of Information (AEOI) Questions & Answers

AEOI – an update Following our blog on Trusts and registration for Automatic Exchange of Inforrmation (AEOI) – what’s it all about?, we asked HMRC for some further clarification on which trusts may need to register for AEOI. We are happy to share our questions and HMRC’s answers. 1. A discretionary trust holding an investment bond Question: An investment bond is held subject to a discretionary trust. The trustees are the settlor and his wife. Read more

Trust registration

Trusts and registration for Automatic Exchange of Information (AEOI) – what’s it all about?

What is the background to AEOI? AEOI is an initiative by the Organisation for Economic Co-operation and Development (OECD) to exchange information between participating international tax authorities on financial accounts held by taxpayers in another participating country to increase tax transparency and reduce global tax evasion. Information is exchanged through the Common Reporting Standard (CRS) and/ or the USA’s Foreign Account Tax Compliance Act (FATCA). There are currently 126 participating countries that exchange information on Read more

Trust registration in Ireland - CRBOT

Trust registration in Ireland – CRBOT

Trust registration in Ireland Trustees of UK trusts that hold investments, insurance policies and/ or property based in Ireland, or have a business relationship in Ireland, are now required to register their trust on Ireland’s Central Register of the Beneficial Ownership of Trusts (CRBOT). Common examples of where the trustees have a business relationship in Ireland would be where the trustees are holding an ‘offshore’ investment bond or insurance policy issued by a company based Read more

Trust taxation

The taxation of trusts from 6 April 2025

Following the Budget on 30 October 2024, we can now detail the taxation of trusts in the 2025-26 tax year. Taxation of capital gains from 6 April 2025 The capital gains tax (CGT) annual exempt amount available to trustees remains £1,500 from 6 April 2025. The annual exempt amount (AEA) is the amount of capital gains that trustees can realise during a tax year that is exempt from capital gains tax. Trustees also need to Read more

Trust taxation

The taxation of trusts from 6 April 2024

The taxation of trusts continues to evolve. This blog sets out the situation that applies from 6 April 2024. Capital gains tax from 6 April 2024 The capital gains tax (CGT) annual exempt amount available to trustees is reduced to £1,500 from 6 April 2024. The annual exempt amount (AEA) is the amount of capital gains that trustees can realise during a tax year that is exempt from capital gains tax. Trustees also need to Read more

Estates

Probate delays mean there is even more need for life assurance

Introduction In order for executors (administrators where the deceased died intestate) to deal with assets in a deceased’s estate, they will need to obtain the grant of probate (letters of administration in the case of intestacy). The term ‘personal representatives’ is used below to describe both executors and administrators. Currently, there can be delays of between 11 and 12 months in obtaining probate on an estate. This makes it more difficult for personal representatives to Read more

Trust registration

Unincorporated clubs and associations may need to register on the Trust Registration Service

Unincorporated clubs and associations Trustees of unincorporated clubs and associations who own property or other assets may be required to register their trusts on the Trust Registration Service (TRS). Whilst the deadline for registration of non-taxable trusts that were in existence on 6 October 2020 was 1 September 2022, we would recommend that trustees of unregistered trusts requiring registration consider registering as soon as possible to avoid potential HMRC enforcement action. Any trusts established after Read more

Estates

When does an estate need to be registered on the TRS?

Estates and trusts created by a will An estate and/ or a trust(s) created by a will may need to be registered on HMRC’s Trust Registration Service (TRS). Personal representatives’ and trustees’ responsibilities Personal representatives of an estate and the trustees of a trust(s) created in a will have different requirements as to when the estate or the trust may need to be registered on theTrust Registration Service. Whilst these are set out in HMRC’s Read more

AEOI and trusts - pulling the pieces together

Trust registration

Comprehensive guide to the types of trust and a glossary of trust terminology

Trusts, a way of arranging property for the benefit of others, while still maintaining some control over it This is a brief guide to the different types of trust available and the terminology used around trusts. It focuses on trusts established under the law of England and Wales. Different principles and terminology can apply for trusts established under Scottish law – we will deal with these in a future blog. Professional advice should be Read more

Trust registration

One year on from the 1 September 2022 trust registration deadline

An update for trustees – one year on The trust registration deadlines We are now one year on from the 1 September 2022 trust registration deadline when most trusts in existence at 3 June 2022 were required to have been registered on the Trust Registration Service (TRS). Any trusts created after 3 June 2022 that require registration have 90 days from the date of the trust’s creation to be registered. Trustees of a trust which Read more