Session: Thursday 17 March 2022
On this webinar Les Cameron, Head of Technical at M&G Wealth took us through the 4th and 5th directives, giving everything you need to know to help assist trustee clients with their responsibilities. Les will be joined by Kevin Raftery, Trust and Estate Planning Consultant from QB partners, who has good insight into the practicalities of the new service having been working closely with advice firms on how they can assist their trustee clients with the new responsibilities.
After taking part in that session you should now be able to:
Presenters - Les Cameron – Head of Technical
- Kevin Raftery, Trust and Estate Planning Consultant from QB partners
NB - Please be aware at 17 minutes Les discussed registration requirements for insurance policies that had surrender values. Les stated that if a protection policy was surrendered then there was 2 years in which to register. This is incorrect and only applies to policies that pay out on the death of the life assured. If a protection policy is surrendered and retained in trust the normal 90 day timescale applies.
To claim your CPD certificate, test your knowledge with the questions below.
Write down your answers to each of the following questions and check your answers when you click through to claim your CPD certificate on the link below.
1) What form was used for the original trust register?
b) IHT 100
2) What trusts had to register under the 4th Money Laundering Directive?
a) All trusts
b) All express trusts
c) All express trust with a UK tax liability
d) There was no requirement
3) The trust registration obligations under the 5th Money Laundering Directive apply to trust in existence on or after?
a) 6th October 2020
b) 1st September 2022
c) 10th January 2020
d) 1st July 2017
4) Which trust does not needs to register?
a) a pilot trust recently set up with £10
b) a bare trust holding an insurance bond
c) a discretionary trust holding a "pure protection policy"
d) a trust holding money for the beneficiary when they are 18 after the death of their parents
5) Who is responsible for ensuring that trusts are registered?
a) the insurance company where the trust is invested
b) the trusts financial adviser
c) the trusts accountant
d) the trustees