Ownership and income tax: Specific types of property: bank and building society accounts: example 4: sole name - valid declaration of trust
A savings account is held in the name of A, but A says all the income is taxable on her mother B.
A submits a declaration of trust signed and dated 01/06/06. In it A states ’I hold bank account number xxxxxxxx on bare trust for my mother B’.
B is the beneficial owner of the funds and the income from 01/06/06, and is taxable on the interest.