Bare Trust
Carlyd
Member
Hi, I am considering setting up a GIA in a bare trust. There is never going to be any tax liability as the income and gains will be well within the allowances for the beneficiary. Does anyone know if there is still a requirement to do a tax return where you know the tax liability will be zero? Thanks
Comments
There is an issue where the income from the trust is from capital settled by a parent for a minor, unmarried child. Then if it more than £100 pa it has to be reported as income in the hands of the parent. Up to £100 it doesn't, but once over £100 the entire amount is chargeable: it isn't an allowance as such.