I am having a complete blank in relation to a comment from a client.
Two sisters are discussing setting up a trust for the benefit of the daughter of one.
They have been told they can set it up jointly even if one provides all the money to establish the trust.
I’ve cautioned against this because HMRC would regard the trust presumably as being settled only by the sister who provided the capital? Secondly I’m thinking the trust would only have one NRB whereas if they were to establish two trusts each would have a NRB. Is this the case or could they claim two NRBs on a joint trust? I’m pretty sure the answer is no but I’m doubting myself