Originally posted by malvolio
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Daughter as a shareholder?
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Originally posted by TheCyclingProgrammer View PostThis is the crux of it. So long as the children are not minors or the money is paid into a trust to which the donor retains no beneficial interest or control in then its not caught by s624.
Secondly if placing into trust for the benefit of minor children any income is accrued to the benefit of the settlor. The definition of settlement is fairly wide.
However, that is not to say that there has to be a settlement and it has to be caught. But it is certainly more complex than "I'll just establish a discretionary trust".
Tax basics: The settlement provisions and children. By NIchola Ross Martin | AccountingWEB
Parental settlements | STEP
http://www.londontrust.net/filedepot...TTOIA_2005.pdfComment
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Originally posted by ASB View PostFirstly if they are minor children then they will be held in trust. Possibly simply a bare trust.
Secondly if placing into trust for the benefit of minor children any income is accrued to the benefit of the settlor. The definition of settlement is fairly wide.
However, that is not to say that there has to be a settlement and it has to be caught. But it is certainly more complex than "I'll just establish a discretionary trust".
Tax basics: The settlement provisions and children. By NIchola Ross Martin | AccountingWEB
Parental settlements | STEP
http://www.londontrust.net/filedepot...TTOIA_2005.pdf
The correct answer is: settlements legislation can be complex, especially regarding trusts - take professional advice.Comment
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