TRS trust exemption declared for protection policies

Following HMRC and HM Treasury consultation

Adam Saville
clock • 3 min read

Changes to ‘Fifth Money Laundering Directive and Trust Registration Service’ announced by government

Following a consultation by HMRC and HM Treasury regarding the implementation of changes to the Trust Registration Service (TRS), the industry has been granted a series of exemptions for trusts used for protection policies. As part of changes to the ‘Fifth Money Laundering Directive and Trust Registration Service', HM Treasury stated that pure protection life insurance policies and those paying out on critical illness or disablement, including group policies, are exempt from TRS registration. As well as this, the government has exempted: 'UK registered pension trusts, co-ownership tru...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

FCA reconsidering ongoing advice services rules as review findings revealed

FCA reconsidering ongoing advice services rules as review findings revealed

Advisers delivering suitability reviews in ‘vast majority’ of cases

Jen Frost
clock 24 February 2025 • 2 min read
IPT up to £7.6bn in 24/25

IPT up to £7.6bn in 24/25

£853m in January 2025

Cameron Roberts
clock 21 February 2025 • 1 min read
FOS CEO Abby Thomas steps down

FOS CEO Abby Thomas steps down

James Dipple-Johnstone and Jenny Simmonds will cover

Isabel Baxter
clock 07 February 2025 • 1 min read