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22 April 2008
Sorting out a trust for which no returns have been submitted
Some eight years ago an elderly couple set up a trust into which they transferred one asset a rental property.
The sole beneficiary of the trust was a daughter in her mid 50s who has disabilities and has been on benefit throughout her life. In the trust it states that the daughter would be entitled to the net rental income after tax.
Being somewhat secretive the couple always prepared their own tax returns and (it was thought) the tax returns for the trust.
The elderly couple are now no longer capable and family members who have enduring power of attorney have taken control of their affairs.
It has been found that:
- the Inland Revenue was never informed of the trust;
- no trust tax returns have ever been prepared;
- the rental income has been shown each year on the...
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