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Posted Sat, 18 May 2024 13:52:53 GMT by Kim Mynard
I would very much appreciate some advice. My mother divided her estate between myself and my daughters. Some investment remains in a property and a bond but I invested some cash into a bond for my daughters which was held in Trust as they were very young at the time. I decided to allow my eldest daughter (now 19) to cash in her bond in order to pay for educational training which otherwise would have meant she needed to take out a loan with expensive interest rates. Now that she has cashed in it I am assuming she needs to pay capital gains tax on the profit that the bond made. I am confused by the whole Trust thing. I complete a Trust tax return each year as my daughters receive an a small income form the property which is rented out. Presumably she will also have to complete a self-assessment tax return as well as she has also received interest above the £1000 threshold on this money whilst waiting to make the next instalment in her training.
Posted Thu, 23 May 2024 09:03:46 GMT by HMRC Admin 20 Response
Hi Kim Mynard,
You would need to check this with the trust office on 0300 123 1072.
Thank you.

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