PurpleDonkey
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We have set up execution only Davy account for minor children (one for each child). Davy set up these accounts as Bare Trusts. Each account is entirely funded by grandparents to avail of 3k annual inheritance tax exemptions.
I didn't realise that 1) it was a Bare Trust and 2) that it had to be registered on the CRBOT within 6 months of opening.
Does anyone know how Revenue will treat late registration? There are penalties, but I'm just wondering if Revenue are flexible when it's a genuine mistake vs attempt at fraud?
I didn't realise that 1) it was a Bare Trust and 2) that it had to be registered on the CRBOT within 6 months of opening.
Does anyone know how Revenue will treat late registration? There are penalties, but I'm just wondering if Revenue are flexible when it's a genuine mistake vs attempt at fraud?