Trust funds, tax and stuff.
Discussion
Phhht, where to start 
The kids (non taxpaying youngsters) have some cash (and a rental property in trust). A reasonable amount has been shoved in a couple of 'medium term' bonds. And we can write any 'trust gains' off this year hopefully after paying 'expenses' etc.
Presently about £20k spare sat in bank to 'lose/move' about to reduce tax liability before year end which is 45% on profits from what I can gather possibly reclaimable as both are non tax payers with a rental income approx £10k a year between them ongoing for the forseeable and some share holdings of approx the same value.
As we're coming up to year end I'm thinking of 'paying' them both about £3K or more before end of Feb and again in March to use some allowance. I had a quick chat to an accountant/bookkeeper and he suggested an IFA rather than accountant?? We recently started using SJP for some stuff but I still think we may need an accountant for tax returns etc any ideas which is the best way to go or any suggestions what to do? Preferably to reduce tax liability whilst looking for potential growth of invested funds.
The kids (non taxpaying youngsters) have some cash (and a rental property in trust). A reasonable amount has been shoved in a couple of 'medium term' bonds. And we can write any 'trust gains' off this year hopefully after paying 'expenses' etc.
Presently about £20k spare sat in bank to 'lose/move' about to reduce tax liability before year end which is 45% on profits from what I can gather possibly reclaimable as both are non tax payers with a rental income approx £10k a year between them ongoing for the forseeable and some share holdings of approx the same value.
As we're coming up to year end I'm thinking of 'paying' them both about £3K or more before end of Feb and again in March to use some allowance. I had a quick chat to an accountant/bookkeeper and he suggested an IFA rather than accountant?? We recently started using SJP for some stuff but I still think we may need an accountant for tax returns etc any ideas which is the best way to go or any suggestions what to do? Preferably to reduce tax liability whilst looking for potential growth of invested funds.
Thanks for the reply Eric, this isn't about my tax liability, I am too poor 
The children are below the income tax threshold (aka non taxpayers sorry for the misunderstanding). The money paid to them will not be from me but from trust fund capital,rental income about £10k PA after fees and just share dividends until we sell the last few holdings when they go back up (BT and a few other blur chip co's).
For IHT purposes i forewent about the £100k of my late wife's 'inheritance' due to 'quick succession' rules or something when she died (her dad died 14 days before her) to hopefully reduce any possible future tax liability going forward (but anything could happen in life).
I'm just trying to ensure we fully utilise the kids tax free allowance bearing in mind trust gains are taxed at 45% I understand then reclaimed if tax is paid. Maybe I'm overthinking it but I still think it's an accountant job rather than an IFA job ?
The children are below the income tax threshold (aka non taxpayers sorry for the misunderstanding). The money paid to them will not be from me but from trust fund capital,rental income about £10k PA after fees and just share dividends until we sell the last few holdings when they go back up (BT and a few other blur chip co's).
For IHT purposes i forewent about the £100k of my late wife's 'inheritance' due to 'quick succession' rules or something when she died (her dad died 14 days before her) to hopefully reduce any possible future tax liability going forward (but anything could happen in life).
I'm just trying to ensure we fully utilise the kids tax free allowance bearing in mind trust gains are taxed at 45% I understand then reclaimed if tax is paid. Maybe I'm overthinking it but I still think it's an accountant job rather than an IFA job ?
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