There should be no RNRB issues over Bare trusts
or Interest in Possession trusts.
'Unlike a bare trust
which has a single beneficiary, there can also be a 'fixed trust' for more than one beneficiary.
Unlike, a 'bare trust
', which has a single beneficiary, there can also be a 'fixed trust' for more than one beneficiary.
However, if you open a bare trust
in the UK, there will be no tax to pay on interest from savings unless the child has income of more than the personal allowance.
QWHAT is the main difference between a discretionary trust and an absolute bare trust
? ATHE potential beneficiaries of a discrettionary trust can be changed at any time by the trustees.
The most common kind of trust, but one which won't always safeguard capital for over-18s, is a "bare trust
The simplest version is a bare trust
. This is a legal arrangement where assets are held by a trustee, for example a parent or grandparent, for the benefit of a beneficiary, a child for example.
A Under intestacy, what is set up is known as a bare trust
for the benefit of your daughter.
A bare trust
is a simple form where the beneficiary is absolutely entitled to the trust property provided they are 18 or over and mentally capable.
QI waS reading your section recently in which you mentioned unit trust and bare trust
saving plans for children.