TRS trust exemption declared for protection policies

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...