Do Children Pay Tax on Income?

Dunroamin

vivera01 wrote: »

My daughter is the only grandchild. My dad left the house to me but if sold, half the money is to be put in trust for her. .

But, did he just ask that you do this or is it a legal requirement?

xylophone

See my posts 4 and 7 above.
In your circumstances I would take professional advice.
See also http://www.deedofvariation.org.uk/Content/default.asp
http://www.hmrc.gov.uk/manuals/tsemmanual/tsem1815.htm

vivera01

Dunroamin wrote: »

But, did he just ask that you do this or is it a legal requirement?

It is a legal requirement of the will.

vivera01

princessdon wrote: »

personal question and you don't have to answer on here - more food for thought

If you are on benfefits (even CTC) this inheritance can result in being ineligible.

worth talking about with the trustees or solicitor if this is the case.

No, I'm not on benefits. I'm a higher rate tax payer.

Dunroamin

vivera01 wrote: »

No, I'm not on benefits. I'm a higher rate tax payer.

This is the Benefits Board and your question should be on the Tax Saving Board.