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A bit confused here! Particularly para 4 - re-liability. The children's property assets are indeed held in a "bare trust" since being under 18. The source was as a result of their grandfather's estate. So they are the beneficiaries of any gain made. So why would this be entered on my personal tax return? (We have not in the past needed to pay tax on the bare trusts since allowances have not been exceeded. ) Can you explain further?
Never mind the rain. But I'm not the beneficiary here, I'm one of the trustees?
I think we are at cross purposes here. I understand 'The assets of a bare trust are treated for tax purposes as if the beneficiary holds the trust assets in their own name. .....' So the beneficiaries' tax allowances and rates apply here. So return to the original question - how do I complete a return. Which form etc.