TSEM3458 - Trust income and gains: vulnerable beneficiaries: vulnerable person election: details required in the election - HMRC`s information powers
»Ê¹ÚÌåÓýapp trustees and vulnerable person must provide such information as HMRC requires.
»Ê¹ÚÌåÓýapp legislation specifies certain items though these are not exclusive, so the information requirement is quite broad. It specifically includes information relating to anyone connected with the trusts on which property is held for the benefit of the vulnerable person. »Ê¹ÚÌåÓýappre is however a limit to HMRC's information powers. What is commonly referred to as a settlement may have several trusts within it. »Ê¹ÚÌåÓýapp information powers can only be used in relation to those trusts within which property is held for the benefit of the vulnerable person. »Ê¹ÚÌåÓýappy do not extend to other trusts within the settlement on which property is held exclusively for someone else.