This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

money held in trust

meze
Posts:3
Joined:Thu Jan 26, 2017 3:38 pm
money held in trust

Postby meze » Thu Jan 26, 2017 3:39 pm

Hi

My 8 year old daughter has money held in a trust account after her mother died. I want to invest the money in a rental property as the money is earning no interest at present and was wondering how the rental income would be taxed because of her age?


Thanks

Mez

section 44
Posts:4467
Joined:Thu Oct 30, 2008 12:47 pm

Re: money held in trust

Postby section 44 » Mon Jan 30, 2017 2:20 pm

She would be taxed in the same way as anybody else. Minors cannot legally own property but tax is generally concerned with beneficial, rather than legal, ownership so this technicality shouldn't affect anything


Return to “Property Taxation”