Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Mon, 16 May 2022 07:24:06 GMT by R W
Last year we set up a bare trust for daughter, aged five. Other than the Trust she has no other assets or income. The money is trust was a gift from a grandparent. Assets in the trust are cash and listed shares managed by a reputable firm. Since inception of the Trust last year it has made insufficient gains or income to incur tax (income below personal allowance threshold and a small loss in capital value). Two questions: As a Trustee I presume I should still be submitting a Self-Assessment Tax Return for my daughter and thus the Trust must be registered with the Trust Registration Service?
Posted Tue, 17 May 2022 08:46:11 GMT by HMRC Admin 17

Hi,
 
Please see guidance on Gov.uk for this scenario :

Trusts and taxes     .

Thank you.

You must be signed in to post in this forum.