Endowment maturing Jan 2024, question about registering as a trust?

We've had our maturity pack through from Aviva for arranging to get the money from our endowment policy and in there it says we may have to register with HMRC if it was held in trust. Exact wording is:

Important information for if this policy is held in trust

If this policy is held in trust, you should be aware that under UK money laundering regulations you might have to register the trust on HM Revenue & Customs (HMRC)’s Trust Registration Service (TRS).

Does my trust need to be registered?

Some types of trust are not required to register. You’ll find guidance on exemptions and the procedure for registration in HMRC’s Trust Registration Service Manual on www.gov.uk (search for ‘Register a trust as a trustee’). It is the trustees’ responsibility to register the trust. You may wish to seek professional advice from a solicitor or tax adviser about registering your trust, or confirming your trust is exempt. We are unable to provide you with advice. 

I don't think this applies to us. It is a bog standard policy that we set up when we bought our first house and that we've paid into monthly since then. As far as I'm concerned it's not held in trust. Am I right in my thinking?

There is also a form to complete and sign saying it's exempt from registering with HMRC's Trust Registration Service. Would we need to send that back if the endowment isn't in trust?

I'm completely confused!
CC Debt at LBM Nov 08 - £25000+ DFD Dec 2012
Second DFD May 2021
Starting my MFW journey: Opening Balance: £138,000; July 2019: £135107.33; July 2024 £52974.60
2025 MFW #36

Comments

  • t4mof
    t4mof Posts: 262 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    For anyone else that may see this in their maturity pack, I rang Aviva and because it wasn't held in trust, there is no need to do any of the HMRC stuff thankfully.

    In fact, they verified our identity electronically over the phone, confirmed bank account details and have arranged for the money to be paid in to our bank account within 10 days of the maturity date so no need to fill in any forms. Now we just sit back and wait for the amount to land with us mid January.

    Not often I say this but great service from Aviva. Was really impressed :)
    CC Debt at LBM Nov 08 - £25000+ DFD Dec 2012
    Second DFD May 2021
    Starting my MFW journey: Opening Balance: £138,000; July 2019: £135107.33; July 2024 £52974.60
    2025 MFW #36
  • amnblog
    amnblog Posts: 12,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Standard text. Call them, but you will find it does not apply in your case.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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