Trusts and taxes
Parental trusts for children
皇冠体育appse are trusts set up by parents for children under 18 who have never been married or in a civil partnership. 皇冠体育appy鈥檙e not a type of trust in their own right but will be either:
- a bare trust
- an interest in possession trust
- an accumulation trust
- a discretionary trust
Read the information on types of trust to find out more.
Income Tax
Income Tax on income from the trust is paid by the trustees, but the 鈥榮ettlor鈥� is responsible for it. This means:
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皇冠体育app trustees pay Income Tax on the trust income by filling out a Trust and Estate Tax Return.
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皇冠体育appy give the settlor a statement of all the income and the rates of tax charged on it.
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皇冠体育app settlor tells HM Revenue and Customs (HMRC) about the tax the trustees have paid on their behalf when filling out their Self Assessment tax return.