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In October 2009 a mother set up a bare trust for her daughter who was born in 1995.
A 55% share of the beneficial ownership of a freehold property (worth around £300 000) was transferred into the trust.
A rent of £900 per month was to be paid by the mother who occupied the property and was the legal owner of the property and donor of the 55% interest.
The mother died in November 2009. I believe liability for the rental income for a part month has been included in the estate accounts and the income is being declared in the income chargeable on the settlor’s section of the trust pages of the personal tax return to date of death (or should it go in the rental income pages?).
After the mother’s death a long-term lodger (previously covered by the rent-a-room exemption) continued to stay in the house for...
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