Income from a trust

Income from a trust

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I have a new sole trader client who has income from  a relative's trust fund, taxed at 50% Can the tax paid be claimed back through HMRCs online self- assessement service or does it need to go through a third party software package? Many thanks

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By Semper Ubi Sub Ubi
11th Aug 2013 19:32

Income from a Trust

Your client should be given a form R185 (Trust Income) each year by the Trust's accountant.  This will tell him his net income and tax paid thereon.

These figures will then be entered onto his SA tax return on pages SA107 Trusts etc, either through HMRC's online service or third party software.

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