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bigduckontax, Accountant
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Family trust fund does family member in a trust fund property

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Family trust fund does family member in a trust fund property pay any tax
, I'm Keith and happy to help you with your question.
This is slightly more complicated than it appears. Could you please advise what type of trust is involved here please? I am aware that under Scots Law a very simple form of trust can be created which you can't do in England and Wales; indeed my ex and I set one up daughter.
Customer: replied 3 years ago.
I am sorry I am unable to identify what type of fund do you refer. is its a discretionary trust ?
I do need a tad more detail.
Customer: replied 3 years ago.
It is a bare trust
Here is the advice from Gov UK web site on the subject:
'Bare trusts
If you’re the beneficiary of a bare trust you’re responsible tax on income from it.
You need to tell HMRC about the income on a Self Assessment tax return.'
So there you are, any distribution from the trust is taxable in your hands as income and must be declared on your annual self assessment tax return. Some Trustees may operate PAYE on your behalf, but not always,
bigduckontax and other Tax Specialists are ready to help you
Thank you support