Bare trust income for minor

Property held on bare trust for a minor

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Minor received injury compensation and money was put into a bare trust where the money was invested to buy a property under bare trust and rental income has been kept into the trust bank account. Would the income needs to be reported on parents tax return or the minor's return will be sufficient.

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By Paul D Utherone
01st Aug 2018 14:17

If the funds weren't provided by the parents then it should be nothing to do with their returns, just the minor

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