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discounted gift trust

monthly money recieved from a discounted gift trust

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a client recieves money each month from his discounted gift trust, should this be shown on his self assesment?  

thanks for any help

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By Accountant A
18th Nov 2019 11:59

Yes, deffo.

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By penelope pitstop
18th Nov 2019 12:46

Probably not if it is 5% or less per annum of the original "investment".

Treated under the same rules for lump sum life insurance bond chargeable event-type investments.

The original discounted scheme documentation sent to client should confirm the exact position. I expect that at outset the withdrawals were pegged at 5% but best checking.

Plenty of good advice on this subject on the Internet from the main insurance companies. They bend over backwards to explain the position. Think there may have been some recent changes in HMRC view on this subject.

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Replying to penelope pitstop:
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By Tax Dragon
18th Nov 2019 12:46

Ah, an answer in the middle (in both senses!)

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By Tax Dragon
18th Nov 2019 12:40

For balance: no, defo not.

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By The Dullard
18th Nov 2019 13:14

Possibly. I'm not sure.

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