Clive Ward

So are you saying that the answer to my second paragraph is "yes"?

I have set up a bare trust for each of my two grandchildren. The assets contained in them include Tesco shares and 2 ETFs, one provided by BlackRock Asset Management Ireland Limited and the other by UBS Fund Management (Luxembourg) S.A. I presume that dividends from both ETFs count as “foreign dividends” (even though the first is a FTSE tracker). Am I right in assuming that as long as the total income for each trust (along with any other income received by the child) does not exceed the personal allowance and that any capital gains are within the current CGT allowance then (a) no tax is due and (b) there is no need for a tax return to be completed (this is my understanding based on studying the relevant gov.uk pages but I would welcome confirmation that I have interpreted them correctly).