Private Client

What is The Trust Registration Service?

The Trust Registration Service is an online service which assists Trustees to adhere to their registration obligations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

New regulations came into force in October 2020. The new regulations mean that there is an increase in the number of trusts that fall into the ‘need to be registered’ category.

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By order of the Peaky Blinders … beware, spoiler alert

Following Tommy Shelby’s terminal diagnosis, those watching BBC’s final season of Peaky Blinders might be wondering how Tommy intends on distributing his estate and preserving his wealth by mitigating potential inheritance tax (“IHT”) liabilities. There are various options to explore when looking to mitigate a future IHT bill, a common one being lifetime gifting.

Let’s fast forward 90 years and assume Tommy passes away on 30 April 2022. Despite being unaware of his imminent diagnosis, Tommy had been mindful of mitigating a potential IHT bill and made various gifts to family over the years. As he no longer benefitted from those gifts and he’d hoped to survive at least the required 7 years, he’d assumed the gifts would be out with his estate on death. Let’s look at how Tommy’s gifts would be treated from an IHT perspective taking into account taper relief and various exemptions/allowances.

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