Setting up a bare trust for a minor

WillCalderwood

I was wanting to set up bare trusts for our two children as somewhere to put money gifted by anyone other than us parents so they can make use of their CGT allowance each year. We max out their JISAs each year so there's no room in those for any more money and I don't want to leave it in cash, especially with the current money printing and inflationary risks.

I was wondering what the process is for this? I can't find any definitive information online. Some online investment services seem to just let one set up an investment account as a bare trust. The website for the company I use to manage all investments don't seem to have that option but they mention bare trusts for minors in their investment information, so I emailed them and they said they could set up the investment accounts for us. They have done that, suffixing each account with the initials of the child.

Do I need to officially designate the accounts to the children in some way? If so, how do I go about doing that?
Many thanks

xylophone

You want to open a stocks and shares account in bare trust for each child to hold gifts from family members.
Example

https://www.youinvest.co.uk/investing-for-children/dealing-accounts-for-children

You first open the accounts - the "how to do it" is detailed in the above.

You would then open a  current account  in bare trust for each child (Metro Bank and Natwest have been mentioned in this regard).

Request the donors to make payments into each child's current account and move the cash to the investment accounts - buy/sell as required in the investment accounts.

dunroving

WillCalderwood said:

I was wanting to set up bare trusts for our two children as somewhere to put money gifted by anyone other than us parents so they can make use of their CGT allowance each year. We max out their JISAs each year so there's no room in those for any more money and I don't want to leave it in cash, especially with the current money printing and inflationary risks.

I was wondering what the process is for this? I can't find any definitive information online. Some online investment services seem to just let one set up an investment account as a bare trust. The website for the company I use to manage all investments don't seem to have that option but they mention bare trusts for minors in their investment information, so I emailed them and they said they could set up the investment accounts for us. They have done that, suffixing each account with the initials of the child.

Do I need to officially designate the accounts to the children in some way? If so, how do I go about doing that?
Many thanks

I set up a bare trust investment account with AJ Bell, for my grand-niece. Seems like you have done the same. Surely if you have done that, the account is already "designated" for each child? That's how mine is set up with AJ Bell. I can fiddle with the investment allocations, and pay money in, but only the designated person (my grand-niece) can withdraw money from it, when she reaches the appropriate age.