Tax for minor

[meze]

Hi

I wonder if anyone can help. My 9 year old daughter has £100k in a bank account. She was left his money as part of an inheritance. The bank account that the money is in is a trust bank account and earning 0% interest. I want to invest this money into a buy to let property for my daughter. What is the best way of doing this and how will the buy to let income and CGT be taxed.

Any advice would be great.

Thx
Max

[pawncob]

The income is hers and she'll pay any tax due after personal allowances etc. Ditto CGT.

[maths]

The trustee of the bank account presumably holds the account on a bare trust for the child with no explicit trust deed setting out the precise nature of the trust

As trustee it's important to recognise that the monies in the account belong to the child and should those monies generate any income (eg rental income following the purchase of a buy to let) such income also belongs to the child. It is not open to the trustee to "pocket" any of such income or indeed any part of the monies in the bank account.

I also agree with pawncob.