Bare trust registration -- what to do?

[Bouleversee]

If the shares are held in trust then it is the trustees who should register.
As you do not appear to be a trustee, you do not have to do anything.

Yes, I realise that but I suspect they are not aware, as I wasn't. Would they have been advised about this requirement? I gifted the shares over a long period via individual transfers through the various registrars. I don't think they ever went into JISAs but the dividends may have done; not enough to exceed their personal allowances.

[Bouleversee]

P.S. to previous:

I meant cash ISAs, if they opened any, but come to think of it I think 3 of them had CTFs and I should think the dividend cash went into those. I'm pretty sure that the shares are still certificated with the parents as trustees. I did suggest that they should start transferring them into adult ISAs for the older 3 (subject to cgt limits for each year but I suspect nothing has actually been done yet. I will check with them today.

What on earth is behind this requirement? I read The Times and Sun. Times (cancelled the FT (so not accessible now) as I simply don't have time to read any more papers) but was completely unaware of it. Surely, the parents/trustees don't have to register l4 relatively small shareholdings for each child. Once the child is 18 the holdings are no different from any other shareholding in their own name or in an ISA.

[Nocton]

P.S. to previous:

I meant cash ISAs, if they opened any, but come to think of it I think 3 of them had CTFs and I should think the dividend cash went into those. I'm pretty sure that the shares are still certificated with the parents as trustees. I did suggest that they should start transferring them into adult ISAs for the older 3 (subject to cgt limits for each year but I suspect nothing has actually been done yet. I will check with them today.

What on earth is behind this requirement? I read The Times and Sun. Times (cancelled the FT (so not accessible now) as I simply don't have time to read any more papers) but was completely unaware of it. Surely, the parents/trustees don't have to register l4 relatively small shareholdings for each child. Once the child is 18 the holdings are no different from any other shareholding in their own name or in an ISA.

The matter has been well publicised in the financial sections of the press, especially the weekend personal money sections, and on popular finance programs like Moneybox by Paul Lewis.

Again, as I have previously said, the requirement only applies to trusts. One trust could have lots of shares. It is the trust that needs to be registered not the shares. I do not think an ISA can be held in a trust, but perhaps junior iSAs?
The registration procedure, as has been stated before, is relatively straightforward and should not take long, provided, as with all such matter, the required documentation is to hand: Name of Trust, name of trustees, et.

[Bouleversee]

Apparently, the shares have not yet been transferred to ISAs. However, my daughter came across the following article which states that shares held in Bare Trusts for minors don't have to be registered.

https://www.weatherbys.bank/insights/new-trust-rules/
(cursor down to "Do bare trusts need to register").

Thank goodness for that.

[scrumpyjack]

Apparently, the shares have not yet been transferred to ISAs. However, my daughter came across the following article which states that shares held in Bare Trusts for minors don't have to be registered.

https://www.weatherbys.bank/insights/new-trust-rules/
(cursor down to "Do bare trusts need to register").

Thank goodness for that.

I think that exemption only applies to bank account/cash deposits. You still have to register where shares or investments are held for a minor.

per the HMRC manual
"Trusts holding investments for minors
The exclusion from registration at Sch3A(6A) only extends to trusts created when opening cash deposit accounts. Trusts holding investments (for example stocks and shares) for the benefit of a minor child will not qualify for this exclusion."

[Bouleversee]

Thanks, Scrumpy. In 3 out of the 4 cases, the grandchildren are entitled to the shares without any trustees now they are over 18 though no transfers have been made. There was never any formal trust with a name, just separate share certificates and in some cases both parents and others just one as trustees. Any dividends due will be potentially taxable on those children but in fact no tax will be due because of allowances. My advice would be to get those shares transferred into their adult ISAs a.s.a.p. I have no idea what to do about the 16 year old's holdings, however. I think I will leave her parents to sort it out. She has a JISA with Interactive Investor which has some unused cash in it and has not been subscribed to for this year. No idea what the current capital gains situation is. I've told her father to work it out. Some shares may not be worth transferring.

[Nocton]

Apparently, the shares have not yet been transferred to ISAs. However, my daughter came across the following article which states that shares held in Bare Trusts for minors don't have to be registered.

https://www.weatherbys.bank/insights/new-trust-rules/
(cursor down to "Do bare trusts need to register").

Thank goodness for that.

Sorry, your suggestion that "Bare Trusts for minors" don't have to be registered is incorrect. I think you have been misled by the sentence: "HMRC has now confirmed that there is no need to register nominee accounts for minor children." Nominee accounts are not the same as bare trusts. Under the section "Are there any exemptions from registration?" it says "Yes there are, but they’re limited." and furthermore it says "Note that even if a trust is included in the above list, if it has a tax liability, it will be required to register."

I went thorough all this earlier this year when I registered bare trusts for our grandchildren Best to get the info direct from HMRC, e.g. you could look at https://www.gov.uk/hmrc-internal-manual ... /trsm23160 and note the bit:
Trusts holding investments for minors
The exclusion from registration at Sch3A(6A) only extends to trusts created when opening cash deposit accounts. Trusts holding investments (for example stocks and shares) for the benefit of a minor child will not qualify for this exclusion.