This update outlines the change to New Ireland’s New Business requirements to satisfy our legal and regulatory requirements.

Summary of new legislative requirement for trusts

• All Trusts in scope must have their beneficial ownership recorded on an internal register held by the Trust and
• record this information on a central register maintained by Revenue, known as the Central Register for the Beneficial Ownership of Trusts (CRBOT).

New Ireland are obliged, by law, from the 24th of October 2021 to check and advise all Trusts on new policies have their beneficial ownership recorded on an internal register and / or on CRBOT before progressing an application for new business.

The Trust must provide evidence of this by providing us with an extract from the trust’s internal register – please view a sample completed extract for info, which details the information we must hold about the Trust from their internal register. If you would like to receive the sample spreadsheet, please mail us at lifeandpensions@newireland.ie

We have also produced a useful two-page Summary Guide to CRBOT which covers the most frequently asked questions, including which trusts need to be registered.

You must advise the Trust their beneficial ownership is to be recorded on CRBOT.

New Ireland New Business requirement

On all new trust cases we need a copy of the extract of the Trusts internal register, signed by the relevant Trustee in addition to the trust form and other documentation required for a trust case. (the Trust may use the attached example to satisfy this requirement).

The extract from the Trust’s internal register will be checked against the trust form and if there are any discrepancies we will be in contact with you to resolve same.

 

For Further Information, please refer to the Revenue website here