TRS - Registering for clients

Hi all

We've been advised by our PI not to get involved with the actual registration, so we're sending out some helpful guidance in terms of where to find the list of trusts included, excluded, info needed and what to expect from the process instead.

I just wondered how other firms are approaching it and if anyone has gotten involved in registering directly? If so, how do you find the process?

We're been told it takes roughly 30-40 minutes Trust, getting slightly quicker with practice.. Does that sound fair?

Ruth Baker

Comments

  • 30 - 40 minutes - nope. It is nowhere near that long, provided you have the details of the trust, settlor, trustees etc to hand. More like 15 mins, including setting up the Govt Gateway.
    Get Govt GAteway ID for the Trust (You need an email address and a mobile number both which get contacted during the initial process for verification. (What I haven't looked at yet is how you could change the contact email address / mobile number in the future).
    Then you need name, date of birth (& ideally NI number) of Settlor and lead trustee; address of lead trustee, details of the other trustees. The info being asked for I would expect advisers to have from any original advice (or due diligence on an existing trust).
    It really is not v difficult to do and we've had numerous clients do it on their own as well as somewhere we have talked it through on the phone or done a screen share session with them.

  • Suse1969Suse1969 Member

    We're not doing it as we can't act as agent - but our Tax Team (part of an accountancy practice) can do it for us.

  • @richardgough said:
    30 - 40 minutes - nope. It is nowhere near that long, provided you have the details of the trust, settlor, trustees etc to hand. More like 15 mins, including setting up the Govt Gateway.
    Get Govt GAteway ID for the Trust (You need an email address and a mobile number both which get contacted during the initial process for verification. (What I haven't looked at yet is how you could change the contact email address / mobile number in the future).
    Then you need name, date of birth (& ideally NI number) of Settlor and lead trustee; address of lead trustee, details of the other trustees. The info being asked for I would expect advisers to have from any original advice (or due diligence on an existing trust).
    It really is not v difficult to do and we've had numerous clients do it on their own as well as somewhere we have talked it through on the phone or done a screen share session with them.

    Thank you! That sounds a far les daunting amount of time to quote!

    Ruth Baker

  • Just got a link to this from Canada Life.

    https://www2.canadalife.co.uk/e/93102/rt-trust-registration-service-/78j83w/1518785510?h=B6w9owiFtiHP7urJtJixXRRvhb2uWyFZAC5Lz5OnA_A

    On it there is an excellent document with screen shots of each step in the process.

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