Module 3: Trust Registration and Trust Services

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* 1. Q1 – Now that the Sept 2022 deadline has passed, TRS reporting is not a client issue, true or false?

True

False

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* 2. Q2 – Which of the following is not true for TRS?

TRS is a good opportunity to establish inter-generational ties

TRS can lead to potential leads from trustees.

HMRC are not concerned about trusts with less than £10,000.

TRS can lead to the provision of other useful services to clients.

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* 3. Q3 – If a deceased spouse left a life interest or Nil Rate Band trust in their Will and died before 6th October 2020, registration is not required?

True

False

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* 4. Q4 – If the lead trustee of a registered trust moves address how long do they have before they are required to notify HMRC?

30 days

60 days

90 days

Notification of a change of address is not required.

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* 5. Q5 – What is the suggested number of trustees to have for a discretionary trust?

One

Two

Three or Four

More than five

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* 6. Q6 – Which of the following statements is true?

Most new bare trusts require registration.

Bare trusts are exempt from trust registration.

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* 7. Q7 – What is a Letter of Wishes to trustees useful for?

Forcing the trustees to make specific investments.

Telling trustees when they must close the trust down.

Providing more detailed guidance which Trustees are legally bound to follow.

Providing more detailed guidance which Trustees can choose to follow.

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* 8. Q8 – Which of the following statements is false?

“Pilot trusts” established before 6th October 2020 with less than £100 do not need to be registered.

“Pilot trusts” established after 6th October 2020 with less than £100 do not need to be registered

“Pilot trusts” established before 6th October 2020 that now hold more than £100 need to be registered

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* 9. Q9 – Life Assurance Trusts without a trust fund must be registered

True

False

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* 10. Q10 – Which of the following statements is true?

A tax return is not required for a trust where no chargeable event has occurred.

Module 3: Trust Registration and Trust Services

Question Title

* 1. Q1 – Now that the Sept 2022 deadline has passed, TRS reporting is not a client issue, true or false?

Question Title

* 2. Q2 – Which of the following is not true for TRS?

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* 3. Q3 – If a deceased spouse left a life interest or Nil Rate Band trust in their Will and died before 6th October 2020, registration is not required?

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* 4. Q4 – If the lead trustee of a registered trust moves address how long do they have before they are required to notify HMRC?

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* 5. Q5 – What is the suggested number of trustees to have for a discretionary trust?

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* 6. Q6 – Which of the following statements is true?

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* 7. Q7 – What is a Letter of Wishes to trustees useful for?

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* 8. Q8 – Which of the following statements is false?

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* 9. Q9 – Life Assurance Trusts without a trust fund must be registered

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* 10. Q10 – Which of the following statements is true?

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