Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Trusts, Settlements and Estates Manual

From
HM Revenue & Customs
Updated
, see all updates

Trust income and gains: vulnerable beneficiaries: vulnerable person election: details required in the election - Board’s information powers

The trustees and vulnerable person must provide such information as the Board requires. The legislation specifies certain items though these are not exclusive so the information requirement is quite broad. It specifically includes information relating to anyone connected with the trusts on which property is held for the benefit of the vulnerable person. There is however a limit to the Board’s information powers. What is commonly referred to as a settlement may have several trusts within it. The information powers can only be used in relation to those trusts within which property is held for the benefit of the vulnerable person. They do not extend to other trusts within the settlement on which property is held exclusively for someone else.