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Trustees Tax Return

When people receive an inheritance trust, or are awarded a trust through a settlement, the trust will be required to file a Trust Tax Return. The Trust Tax Return will be prepared from the Trust Accounts and the Trust Tax Return will have to be filed with HMRC.

You should instruct a Tax Accountant to complete your Trust Accounts and Trust Tax Return as the rules surrounding Trusts are complex.  The Tax Accountant will help you gather the information relating to the trust affairs that will be needed for the Trust Accounts and the Trust Tax Return such as

  • interest and dividends received
  • rental income and associated expenses
  • management expenses of discretionary trust
  • assets – such as a house or land – sold by the trust
  • distributions made by trustees of settlor-interested trusts to non settlor beneficiaries
  • distributions made by the trustees from discretionary trusts
  • assets or funds settled into the trust