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bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 4188
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I am a trustee of my late aunt estate. The money 500k needs

Customer Question

I am a trustee of my late aunt estate. The money 500k needs to be invested in case her son who is mentally incapable required any assistance. No income if required for the forseeable future. On his death the letter of wishes name several beneficiaries who may or not be alive. What would be a tax efficient vehicle for investments in etf shares funds and bonds.( I have been directed to an offshore investment bond )
Submitted: 1 year ago.
Category: UK Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. My first reaction is that it would be appropriate to discuss this with he son'd Guardian ad litem. Whilst as trustee it is your decision, and yours alone, it would be only polite to so approach. 500K invested at current rates of interest would earn under your son's annual personal allowance, currently 11K, but, of course, there would be no capital gain. If invested in a no interest account then on sale it might be subject to Capital Gains Tax (CGT) and the son would have a non cumulative Annual Exempt Amount of 11.1K to offset this. There is also the matter of depositor protection in overseas account to take into consideration. I am not licenced to give such advice, but could point you in the direction of tax free National Savings products without infringing that status. I think, having regard to the sums involved, that a visit to a trusted, local Independent Financial Adviser would be the safest course of action. You would then have added protection for yourself as trustee. I do hope that I have been able to give you some food for thought.
Customer: replied 1 year ago.

Unfortunately you didn't answer the question and are not licenced to give such advice. Therefore could put the question back out for someone else please?

Expert:  bigduckontax replied 1 year ago.
Actually I did, but no matter. I will opt out.
Expert:  bigduckontax replied 1 year ago.
Post to clear my question list.