Trustees should be aware of their obligations to register details of the beneficial ownership of their trust with the Central Register of Beneficial Ownership of Trusts (CRBOT) on or before the 23rd October. That deadline is fast approaching and trustees should be reviewing their internal registers and preparing to register if they have not already done so. The obligation to register with CRBOT was introduced under the 4th and 5th Anti-Money Laundering Directives which require each EU Member State to establish a Central Register of Beneficial Ownership of Trusts. Legislation was introduced on 23 April 2021 (Statutory Instrument 194 of 2021) to transpose those requirements into Irish law. The purpose of this legislation is to provide transparency both in Ireland and the EU around who ultimately owns and controls Irish trusts. This will help to identify and tackle circumstances where trusts are being used to fund criminal and terrorist organisations. The legislation also assigned the responsibility for CRBOT to the Office of the Revenue Commissioners. Trustees (or their agents, advisors or employees) can register for the CRBOT through the ‘Trust Register’ portal on Revenues Online Service (ROS). For individual trustees who do not have ROS access, the ‘Trust Register’ is available on MyAccount. Revenue.ie also contains a series of Frequently Asked Questions which should assist trusts and their agents, advisors or employees to determine whether they are obliged to register and how they can meet their obligations. Further information can be accessed at the link below - https://www.revenue.ie/en/crbot/index.aspx Any queries regarding the Central Register of Beneficial Ownership of Trusts (CRBOT) can be sent via MyEnquiries on ROS or MyAccount. For direct contact to the CRBOT team please ensure the relevant titles below are selected for both drop down menus: Select ‘Trust Register (Central Register of Beneficial Ownership of Trusts)’ from menu ‘Enquiry relates to’ Select ‘General Query’ from menu ‘More specifically’

Each year in January we have Blue Monday, and it has been cited as the most depressing day of the year. However, it is important not to allow the concept to become a self-fulfilling prophecy. Perhaps it is time to re-train our brain - maybe January could be the time for new beginnings. The days start to become a little brighter and we are a step closer to Spring and Summer. There is something re-assuring about the subtle change in nature in anticipation of better weather that can lift our spirits and encourage us to look to the future. With the current restrictions in place time is something which is not in short supply, so perhaps make plans and try to think about what we can do instead of what we cannot do. Enjoying an early morning walk Having breakfast with your kids Exploring, and appreciating, your local area Getting out in nature every day Embrace online learning Tackling that big DIY project and much-avoided clear-out Develop new gardening skills Learn to cook or bake Start to play an instrument Catch up with friends on Zoom Activity/Health Now is a good time to think about your health. Being active and having a healthy heart has never been more important. A regular walk will make a big difference and there is plenty of workouts or classes online, no matter what your fitness level is. Self-care Managing our stress and anxiety levels is essential and many people use meditation or yoga. But everyone is different, and some find painting or gardening works. Explore some options and find what works for you.  Dublin City Council has developed a great website with lots of activities and classes to keep us occupied and content during lockdown: Holding it together apart. Appreciation The New Year gives us time to reflect and consider our surroundings, our family, friends, and appreciate all that is good in our lives. It also gives us the opportunity to consider changing things which perhaps were not so good for us.    If, however, Blue Monday has made an impact on you then perhaps CA Support can help? We have a 1:1 confidential listening service and lots of other supports to help get your mojo back.

A renewed commitment must be made by government to the long-awaited reform of Ireland’s pension system in 2021, according to Chartered Accountants Ireland. The Institute’s comments come as legislation was debated in the Dáil last night, halting the increase in the State pension age to 67.   This legislation ensures that the State pension age remains at 66 until the work of the Pensions Commission concludes, which is expected by the end of June 2021. This comes a week after the Irish Fiscal Advisory Council (IFAC) estimated that the additional cost of providing for new pensioners (public sector and social welfare recipients), will be €370m a year between 2021 and 2025.   Commenting, Cróna Clohisey, Public Policy Lead, Chartered Accountants Ireland said  “Understandably, pension reform slipped off the agenda in 2020. A global pandemic and the conclusion of the Brexit transition period have dominated the minds of policymakers and preoccupied businesses simply trying to stay afloat.  “The need for pension reform has not dissipated though, and as we move into 2021, and economic forecasts start to look slightly brighter, attention must return to it. Political minds today are focused on the state pension age, but the reality is that the state pension in its current form may not even be sustainable in the decades to come.   “A long-term, consistent approach is needed from government, one that will be adhered to and from which we will start to see a sustainable system of retirement planning emerge in Ireland.  The work of the Pensions Commission must result in a clear policy on the State pension age. Workers planning or approaching their retirement need reassurance and greater certainty on this issue so that they can plan adequately and responsibly.  “The figures are already failing to add up, in that the numbers of workers to support those retired is on a downward trajectory, and this needs to be addressed in a sustainable way in 2021.”  Chartered Accountants Ireland made this call to action today as it launched a new publication on retirement planning, A Practical Guide to Pensions and Life Insurance. The publication provides accountants, tax advisors and other financial advisors who provide financial planning advice with a practical resource to help individuals and businesses plan for retirement.   Commenting, the publication’s author, chartered accountant Simon Shirley said  “Pensions exist so we can afford to stop working one day and should be one of our most important financial assets at retirement. They are also without doubt the most tax-efficient and effective way of saving in a sustained low-interest rate environment.  “Although the basic concept of pension planning makes sense, terms like ‘investment risk’, ‘volatility profile’ and ‘cash and cash equivalents’ often induce the ‘glaze’ that all pension advisors recognise.   “We have to tackle a deep-rooted lack of understanding and demonstrate the importance of prioritising long-term provision over often important short and medium-term needs. Over 50% of the Irish workforce do not have a personal or employer offered pension plan, so the task is considerable. The more you know, however, the better positioned you will be to take advantage of pensions for your personal benefit and, in the case of advisors, for the benefit of your clients.”   ENDS     Publication details:  A Practical Guide to Pensions and Life Insurance  Publisher: Chartered Accountants Ireland  Publication date: 10 December 2010  ISBN: 978-1-912350-95-7  184 pages   Price: €25.00 / £22.50     The Author  Simon Shirley is a Fellow of Chartered Accountants Ireland, a Revenue-approved pensioneer trustee and the founder of the financial advisory firm Simon Shirley Advisors.