wai2000

May I clarify why the children personal allowance is £10,000 instead of £12,570? Can I find such information in gov website? Thanks

My grandmother passed away and she left her money to my children (i.e. her great- grandchildren) who are age under 18. I was appointed as a trustee for them until attain age 21 years. I am going to open a separated bank account under my name for making fixed term saving on behalf of my children, i.e. the beneficiaries, for that inherited assets. I will make a Bare Trust and make the trustee registration in HMRC platform. My understanding is that the trust itself is not taxable. Meanwhile, any interest received from the bank saving account, It would be treated as my children’s own income and not that of the trust or the trustee. If the interest income is over my children’s own tax allowance i,e. GBP 12,570, I have to submit the self assessment for my children. Otherwise, no self assessment is required for neither my children nor the trust. Is my understanding correct or not ? Please advise. Thanks.