FIN.

MLR changes made in respect of trusts

Changes to the MLRs that take effect on 9 March will extend various deadlines in respect of beneficial ownership of trusts, and to amend the lists of excluded trusts.  The main deadline for registration of relevant trusts is postponed by 6 months to 1 September 2022, and new trusts will have 90 days from the date they become liable to pay tax to register, instead of the current 30 days. The changes to the list of excluded trusts act to exclude trusts of insurance policies where temporary disablement cover is also included in the trust, trusts of healthcare covers not contained in a life policy and bank and building society (and similar) accounts opened solely for the benefit of children or those lacking capacity, where the provider requires that account to be held within a trust.

Emma Radmore