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rachel_mclean


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Discretionary trust income
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Hi, I wonder if anyone could help me this queries confuse

I have a client whose tax return has been up until now very straight forward. Employment income, dividends, rental income and an ISA but this year she has received some money after the death of her father and I have no idea where in the tax return it goes. It is from a discretionary trust.

Amount: £500

Father has died and the £500 was paid from a life assurance after retirement plan, the money was paid under a discretionary trust and did not form part of the deceased estate.

If anybody could help me with this or tell me where I can find out it would be really appreciated.

 

Thanks in advance

Rachel

 



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Rachel
Artois


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Hi Rachel

Not quite sure if this will be of any use to you but it might be worth a read

 https://www.gov.uk/trusts-taxes/trusts-and-income-tax



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Artois


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Artois wrote:

 

Hi Rachel

Not quite sure if this will be of any use to you but it might be worth a read

 https://www.gov.uk/trusts-taxes/trusts-and-income-tax

 Now that I have sat down and read your post properly I see that it is the filing of the tax return that you are interested in

Have a look through this

https://www.gov.uk/government/publications/self-assessment-trusts-etc-sa107

HTH



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Cheshire


Master Book-keeper

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Sounds like a bit of both Doug.

Can you get hold of the trust deed for a read Rachel?

As an aside - you mention the ISA but Im presuming you arent putting that on the SA.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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