Personal injury trusts

Quentin

Clifford_Pope wrote: »

.....The only problems are
1) the trustees need to make an annual tax return to HMRC.....

Well.....this is not so. (Only were it not a "bare" trust does a separate tax return become a possibility)

OP - take care about taking advice from a forum over this, and get proper legal advice you can rely on.

System

I said IF it is a discretionary trust then it will require a tax return.

It is the discretionary element that confers the advantages.

I also said the OP needs proper financial advice.

Quentin

Clifford_Pope wrote: »

I said IF it is a discretionary trust then it will require a tax return......

Where? No mention of "IF it is a discretionary trust" anywhere in your post!

If you have read the thread you will see that stefano is really in the dark about this and your "advice" giving the "problems" you see must just confuse further.

And why do you suggest he should have a discretionary trust anyway - just more unneccessary confusion?

stefano

Guys, I thank you all for your input. Unfortunately, everyone has a different take, and I managed to become even more confused.
Before the RTA, I had a management position in a very hands on role as a Restaurant Manager in Mayfair, London, and it was paying a good wedge. Lets say my family was very comfortable, and I was the only breadwinner.
Now, my ability to do the same job is not there anymore. I had a van running over me as I lay prone in the middle of a dual carriageway. My lower limbs were broken in 10 places and I now have titanium everywhere, bone dying (AVN) and pain everywhere, I have been taking painkillers, anti-inflammatory and opiates for the last 3 years. My original employer made me redundant, and my subsequent employer made me redundant 2 months ago. I keep a pain diary, and a good day for me is a pain score of 4 out of 10. That's a good day. The worse it has been was 8.
I am 44yo, and find myself needing a desk or receptionist job. But it is difficult to find an employer who is willing to hire a 44yo PA.
My personal injury payment should be significant, and may well be the main mean of living for me and my family.
I will definitely ask for legal advice on the matter.