if you want to make a trust how do i go about making a trust?
Follow this topic
Q&A » Retirement
Retweet
Comments (
FacebookComments (2)
-
410manzanilla postedIf you just want to put a bit of money aside for a young child that they will get when they are 18, ou can just open a bank account (or stockbroking account) - this will be a 'bare trust' and doesn't require drawing up formally.
For anything else, you need to solicitor. I recommend that you use a STEP solicitor - these specialise in trusts. http://www.step.org/searchuser.pl?n=1000
But you need to ask LOTS of questions about tax. If you are aiming to do this to avoid tax, it is VERY unlikley to work. Trust taxation is now extremely high :(
manzanilla
Posted on 05 February 2010 |
Love 1 love
Report
-
804MikeGG1 posted
You cannot use a Bare Trust to avoid tax on your own money by giving it to a Trust for your own child. Any income which is in excess of £100 per year which arises for the child from money given by its parents is deemed to be the parents income.
Most 'Bare Trusts' are used to house investments originating from Grandparents or other relatives. The income then belongs to the child with their own personal tax allowance.
Mike
Posted on 05 February 2010 | Love 1 love
Report
Post an answer
Sign in or register to post an answer.
Something you're dying to ask... or answer?
Register with lovemoney.com to start asking and answering questions on Q&A.
Get started nowSign in for a better Q&A
Registered already? Great! You can just sign in to ask and answer questions.
Sign in