9 Sep 2019
As we all know too well,. HMRC has a multitude of forms, but regardless of that, can you specifically identify ‘Form 41G’? Graeme Robb, Senior Technical Manager at Prudential goes into more detail.
Perhaps that’s a tricky question, as it has now been withdrawn. In the past, completion if this paper form was required by HMRC to register a new trust. It captured important information such as the names and addresses of the trustees, details of any professional agent acting, the governing law, lifetime trust or will trust, and so on. HMRC did not state however “If there is no income arising, and no likelihood of income or gains in the future you do not need to complete this form”. This was a useful exclusion in situations where the trust fund simply comprised a non-income-producing investment bond.
HMRC however, has now embraced the digital world and recognised the UK Government obligations under 4MLD (the Fourth Money Laundering Directive). Since July 2017, trusts that are required to register, so through the Trust Registration Service (TRS). The pace of change knows no bounds, as 5MLD will be transposed into UK law by January 2020.
Read the full article here.