IEIM402220 - Reportable Information: Custodial Account: Gross Proceeds
You should check the other guidance available on GOV.UK from HMRC as Brexit updates to those pages are being prioritised before manuals.
Reportable Information: Custodial Account: Gross Proceeds
A Custodial Institution [see IEIM400640] is required to report the total gross proceeds from the sale or redemption of financial assets held in a Custodial Account [see IEIM401620] during the reporting period [see IEIM400520 for FATCA and IEIM400580 for CRS]. This is without regard to whether or not the Account Holder [see IEIM403300] would be subject to tax in the UK on the sale or redemption of the financial asset.
IEIM402200 - Reportable Information: Custodial Account
You should check the other guidance available on GOV.UK from HMRC as Brexit updates to those pages are being prioritised before manuals.
Reportable Information: Custodial Account
In addition to the general reporting requirements [see IEIM402000], where the Reportable Account is a Custodial Account the information to be reported for each Reporting Period [see IEIM400520 for FATCA and IEIM400580 for CRS] is:
The total gross amount of interest paid or credited to the account
The total gross amount of other income generated with respect to the assets held in the account paid or credited to the account. Other income for this purpose means any amount that would be considered income for the purposes of the Income Tax Act 2007 other than interest or dividends.
IEIM402260 - Reportable Information: Other Accounts
You should check the other guidance available on GOV.UK from HMRC as Brexit updates to those pages are being prioritised before manuals.
Reportable Information: Other Accounts
In addition to the general reporting requirements [see IEIM402000], in the case of any account other than a Depository Account [see IEIM402240] or a Custodial Account [see IEIM402200] the information to be reported for each reporting period [see IEIM400520 for FATCA and IEIM400580 for CRS] is the total gross amount of income paid or credited to the Account Holder [see IEIM403300] in the reporting period with respect to which the Reporting Financial Institution [see IEIM402100] is the obligor or debtor, including the aggregate amount of any redemption payments made to the Account Holder during the reporting period.
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A custodial account is an investment account in a minor child s name that s managed by an adult.
Custodial accounts are cheaper, more manageable, and less restricted than trusts or specialized education accounts.
A custodial account irrevocably passes to the child when they come of adult age.
Building a nest egg for the next generation obsesses many parents. One key tool in wealth-accumulating and -preserving comes in two little words: custodial account.
A custodial account is simply an investment account that s in a child s name but managed by an adult. It offers considerably more flexibility than other traditional child-oriented savings and investment options (think 529 plans and education savings accounts). Like a trust, another go-to, generational-transfer vehicle, it keeps control in the hands of a parent, grandparent, or guardian but is much cheaper and easier to create.
A new fintech startup called EarlyBird wants to help families invest in their children's financial futures. Through the EarlyBird mobile app, parents in just a few minutes can create a custodial account, also known as a UGMA (Uniform Gifts to Minors Act) account. When the child comes of legal adult age, the investments become theirs.