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Topic starter
31/08/2022 2:26 pm
I have just began my trust deed - I feel a weight lifted but also a little sick it has come to this. I was advised there will be regular reviews and I have to declare any extra income such as bonuses. What about monetary gifts - like birthdays and Christmas gifts - do I have to pay these to the trust deed also?
Thanks
01/09/2022 1:26 pm
Afternoon
The legislation basically states that if you acquire any funds during the 4 year period then these are conveyed to the Trustee. An element of common sense would be used. You would not be required to disclose a xmas gift as long its a reasonable sum. For example a Christmas gift of £10k would be quite different from a gift of £30. In this instance it would be expected you would disclose the £10k, not the £30 - if that makes sense.
Hope this helps.
p
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