beechview24

Bump - There is a deed of trust that has been executed, and this details and shows that the investments beneficial owners are the Grandchildren. Would each Grandchild (under 18) have to submit self assessment returns / real time submissions for their respective share of a gain, or can it be done collectively? Thank you

Hi, There is a deed of trust that has been executed, and this details and shows that the investments beneficial owners are the Grandchildren. Would each Grandchild (under 18) have to submit self assessment returns / real time submissions for their respective share of a gain, or can it be done collectively? Thank you

Bump - a response on this would be appreciated to ensure no ambiguity for reporting purposes.

Hi, could you confirm the method in which reporting Capital Gains Tax would apply in a scenario where there is a Trading Account holding investments jointly on behalf of a number of Grandchildren. Say an individual (Grandparent) has investments in a trading account (ETF's) and that account is designated as being for the benefit of their 3 Grandchildren, how are capital gains taxes reported for the 3x grandchildren who are under the age of 18? If an ETF is sold for a profit of £50k and the gain is to be shared jointly is it possible to make 1x Joint CGT return, or will the gain have to be apportioned across the 3x grandchildren, and then individual returns submitted for each grandchild (either by Self Assessment of using the Real Time service). Many thanks

Hi Admin, I don't think this is the case. Providing that the individual has been a director and effectively has ownership of at least 5% of the shares in a company, which has been trading for 2 or more years, then they are likely to be eligible. Could you please confirm that this is the case? Yes you are correct the BADR is "not (for) limited companies", but the individual who posted would likely be able to avail of BADR should they sell the shares in the company to a strategic buyer. Could you confirm this is the case?