Q&As

Where an individual is named in a deed of appointment but only currently has a contingent interest in a flexible life interest trust, how should the trustees describe it and what beneficial ownership information should be disclosed via the Trusts Registration Service?

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Published on LexisPSL on 15/03/2018

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • Where an individual is named in a deed of appointment but only currently has a contingent interest in a flexible life interest trust, how should the trustees describe it and what beneficial ownership information should be disclosed via the Trusts Registration Service?
  • Identifying beneficiaries

Where an individual is named in a deed of appointment but only currently has a contingent interest in a flexible life interest trust, how should the trustees describe it and what beneficial ownership information should be disclosed via the Trusts Registration Service?

For the purposes of this Q&A we assume you are referring to a trust which is a taxable relevant trust for the purposes of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 and so disclosure of beneficial ownership information is required via the Trusts Registration Service (TRS). Further, we assume that the individual in this Q&A has not received a (financial or non-financial) benefit from the trust on or after 26 June 2017.

Identifying beneficiaries

There has been some uncertainty as to when a beneficiary’s or potential beneficiary’s name and personal information must be disclosed on the TRS as part of a trustees’ obligations under MLR 2017, SI 2017/692. HMRC has sought to clarify the position in its frequently asked questions (FAQs) on the TRS first published on 9 October 2017 and updated on 22 November 2017, as well as in the Trusts and Estates Newsletter published on 21 December 2017. The issue was also discussed in HMRC’s Talking Points seminar on 17 November 2017 and covered in two handouts.

Where a beneficiary is actually

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