THE BASICS

For advisers and trustees there are several areas that impact on whether you need to report & what you need to report.
 

In this section we will help you to get to grips with the requirements of the Trust Registration Service. To do this we will help you with the following:

• Guidance on the basics of TRS & the AML directives.

• Help you to understand and identify express trusts.

• Guidance on which trusts are exempt from reporting to the TRS.

• Guidance on whether trusts are taxable or non-taxable. This will impact on which regime you report under, what information you need to report & the appropriate deadline dates and late penalties.

• What information needs to be disclosed to the TRS.

• The relevance of mental capacity under TRS and to whom it applies.

• Key dates for TRS reporting & penalties for late reporting.

• Keeping records updated.

• Requests for personal data.

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See Tabs to left for more information on each specific area.