Tax on Money Held in Family Trust

[mrfixituk45]

My sister and I set up a family trust in October 2015 as our dad was diagnosed with dementia. His bank account balance was placed in it 95k. He died in April last year. The trust is still live but my sister has had her share which was transferred to her bank account. Is she liable for HMRC taxes which need reporting?

[AGoodman]

No way of knowing without a lot more information, principally values and the terms of the trust. It's quite possible there was no tax but it's equally possible there was inheritance tax and/or income tax.

I trust your father had mental capacity when he transferred his money to the trust in 2015.

I'd suggest speaking to the adviser who established the trust in 2015.