Emily Harding
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Rental income from property partially held in trust
Hello, I'm not sure I'm in the right place to ask this but hopefully someone can help. The property is a holiday let. It is half owned my my mother and half is in a Immediate post death interest trust set up in my father's will, with my mother as sole beneficiary. Myself, sister and mother are trustees of the trust. Does 50% of the income have to be paid into a trust bank account before going to my mother, or can it go direct to her, considering she is sole beneficiary of the trust? Do we have to fill out an annual tax return for the trust? Which forms need to be filled in? We have had some conflicting advice and been warned that it is very difficult to set up a trust bank account. Any help is welcome. Thank you