Trust income and gains: vulnerable beneficiaries: vulnerable person election - details required in the election
In addition to basic details the election form VPE1 requires the following:
- The names and addresses of all the trustees and settlors (although this is limited to those trustees in whom the property held on qualifying trusts is vested and those settlors who have settled property on the qualifying trusts)
- The basis on which the beneficiary qualifies as a vulnerable person
- Details of the entitlement under the qualifying trusts of the vulnerable person and all other actual or potential beneficiaries
- Details of any assets held only partly on qualifying trusts for the benefit of the vulnerable person. These must identify the assets concerned and give details of the allocation of any income arising from them
- Details of any relevant changes that may have occurred between the effective date (TSEM3456) and the date the election is made. In particular, if the beneficiary has died or otherwise ceased to be a vulnerable person, or the trusts no longer qualify or have terminated, the election must contain details of the event. If arrangements relating to parts of assets have changed since the effective date, the election must contain a statement giving the relevant details.