Bare trusts - declare to HMRC?

Do bare trusts need to be declared to HMRC?

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My father died last year, and he left £500 to each of his five grandchildren to be held in trust until they reach the age of 18. I have set up five accounts with Barclays which hold the money as a Bare Trust with me as the trustee. Do I need to tell HMRC about these accounts?

Thank you.

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By taxiboy
01st Sep 2016 21:15

Somewhat vague answer by hmrc:

If the trust is a bare trust – where the beneficiaries have
immediate and absolute title to all of the capital and
income – and you are the trustees:
• you do not need to complete this form but must let us
have written confirmation that this is a bare trust

The key word is "immediate" which an under 18 year old wouldn't have.......which suggest you need to inform HMRC....doubt they will do anything about it though.

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