Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. It only takes a minute to sign up.
Sign up to join this community
We need to open a trust account for our children for some money they inherited in trust. We were warned that quite a few of the banks are quite reluctant to do this. So the main questions are:
I'm answering your second and third point. For first point it depends on case by case basis from which organization you are opening your trust.
Trust Account are of different type: To earn interest you account should be of below type. Interest in possession trusts and Income Tax
Trustees are responsible for declaring and paying Income Tax on income received by the trust. They do this on a Trust and Estate Tax Return each year.
There are different rates depending on the type of income - as shown below. Type of income Income Tax rate 2014 to 2015 tax year
Rent, trading and savings 20% (basic rate) UK dividends (such as income from stocks and shares) 10% (dividend ordinary rate)
