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Where Taxpayers and Advisers Meet

Trust deed for daughter below 18?

NickPrice
Posts:38
Joined:Fri Sep 11, 2015 12:39 am
Trust deed for daughter below 18?

Postby NickPrice » Thu Jul 21, 2016 10:38 pm

Hello,

I've read that a property can be held in trust for a teen over 16 and under 18. Does anyone know whether one can therefore execute a trust deed on a rental property and make someone in this age bracket a beneficial co-owner?

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Trust deed for daughter below 18?

Postby bd6759 » Fri Jul 22, 2016 10:22 am

Yes, but you would be liable to CGT on the disposal, and the income would still be taxed as yours.

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Trust deed for daughter below 18?

Postby maths » Fri Jul 22, 2016 7:30 pm

and the income would still be taxed as yours
Assuming the teen is your son or daughter under age 18.

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Trust deed for daughter below 18?

Postby bd6759 » Sat Jul 23, 2016 11:15 am

Assuming the teen is your son or daughter under age 18.
No need to assume. The OP states that it is for his daughter aged under 18,

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Trust deed for daughter below 18?

Postby maths » Sat Jul 23, 2016 12:27 pm

Indeed. Apologies.


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