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My client and her husband have recently moved out of a jointly-owned home which served as their only residence since its acquisition some decades ago. Upon doing so my client executed a deed with the effect of gifting the beneficial interest in the property to her four minor grandchildren in equal proportions whereas the grandparents hold the title as bare trustees. The only noteworthy clause within the deed is one that denies the right of the trustees to sell the property until all beneficiaries reach 20 years of age. The property was let to a third party shortly after the clients moving out and it is expected to generate net letting income of some £15 000 a year going forward.
When considering the compliance obligations arising in this case I understand that the grandchildren (aged 5 to 17) will be required to register for self assessment...
