Trust in the Future
Check your answers
1. Which of these statements is correct?
a. 4MLD passed into UK law in 2020
b. 5MLD will pass into UK law by 31 December at the latest
c. 5MLD passed into UK law in 2020. It was effective from January 2020 for due diligence aspects but just 6 October 2020 for the expansion to the TRS
d. 5MLD passed into UK law in 2020. It was effective from January 2020 for due diligence aspects but will be summer 2022 for the expansion to the TRS.
2. Under 5MLD certain trusts are excluded from having to be registered unless they are liable to pay tax. Which of these trusts is not excluded?
a. Bare trusts
b. Bereaved Minor Trusts
c. UK Charitable Trusts
d. Trusts imposed by statute
3. Registering a trust on the TRS is the responsibility of:
a. The provider of the trust – e.g. lawyer or insurance company
b. The settlor of the trust
c. The trustees although they can appoint an agent to register on their behalf
d. Any person appointed by the settlor
4. Under 5MLD the scope of the trust register has been extended to:
a. Child Trust Funds
b. Venture Capital Trusts
c. All Will trusts
d. Trusts whether or not the trustees have tax to pay
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