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Posted Thu, 27 Jan 2022 09:26:13 GMT by stuart o'gorman
Please help. I (and their grandparents) have put money into bare trusts for my children, some of which is in the stock market. I already pay tax on the interest as it is above £100 but have been informed that they are both entitled to a capital gains tax allowance and therefore should file their own tax return. Due to the strong stock market gains they both have capital gains over the threshold and therefore owe tax. I want to pay this but the department in charge of issuing national insurance numbers haven’t despite repeated requests issued them with a national insurance number - so I can’t file a tax return for them. I want to pay but another arm of the government is stopping me from doing so. I am worried that we will get fined for this. Please help. What can I do??
Posted Thu, 27 Jan 2022 15:56:02 GMT by HMRC Admin 2
Hi,

You can still set up a tax return for capital gains for someone who does not have a National Insurance number.

If you complete the form SA1 you can advise why there is no National Insurance number and an Self Assessment record can still be done.

Register for Self Assessment

Thank you.
Posted Fri, 14 Oct 2022 18:22:34 GMT by jamesbirney
WarningThis post is currently being moderated and will be visible when it has been approved by a HMRC moderator.

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