AILO’s Legal and Regulatory Committee has welcomed the publication of FAQs which help UK trustees holding an Irish life policy to comply with an EU directive.
The Republic of Ireland’s implementation of the EU5AMLD directive means that trustees of UK express trusts holding an Irish life policy are required to report their trust information to Ireland’s Central Register of Beneficial Ownership of Trusts (CRBOT), and UK HMRC’s Trust Registration Service (TRS) if not otherwise exempt.
AILO’s Legal and Regulatory Committee – and Insurance Ireland – both expressed concerns to Revenue (Ireland’s tax and customs agency) about the difficulties faced by UK trustees due to the initial complexities of the regulatory process.
Marie Hainge, Chair of AILO’s Legal and Regulatory Committee and Legal and Regulatory Officer at Utmost International Isle of Man, commented: “We’re pleased that Revenue Ireland has listened to us and other organisations, and responded by publishing a comprehensive set of FAQs online which clarify the registration process for UK trustees. The FAQs shed light on some of the grey areas, including issues relating to Brexit, and act as a useful tool to signpost readers to sources of additional information or support. Dialogue between AILO and Revenue has been very constructive, and we’re pleased that the agency has responded very quickly to the concerns that have been raised. We’re aiming to keep that line of communication open with a view to highlighting any further questions from UK trustees that could be clarified by Revenue updating the FAQs.”
The Revenue FAQs doc (titled ‘CRBOT: FAQs and troubleshooting for UK trustees and advisors’) answers questions on 10 main topics:
- An introduction to CRBOT
- Information to help UK trusts holding property with a business relationship in Ireland
- How to access CRBOT
- Information about TAIN (National Tax Advisor Identity Number)
- Registering a trust
- Questions about a legal entity being a beneficial owner of a trust
- Amendments to registered trusts
- Designated persons carrying out due diligence
- ROS (Revenue Online Service) screens
- Contact details for further information, and how to contact the CRBOT
Click here to see the FAQs in full.
AILO CEO, Bob Pain, commented: “The excellent work done by Marie and her colleagues on our Legal and Regulatory Committee colleagues shows the value that AILO brings to the industry in terms of developing knowledge and understanding of complex legislation. In addition, it’s also a great example of how we provide a strong voice for the sector which is respected across the industry.”