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Trust Returns. What does your software show

Assume a discretionary trust receiving a net div of £40,000.00. What does your software show in boxes 9.15 - 9.17 on the return?

We have an odd situation where entries as above end up with CCH PerTAX showing the following on the tax return. Otherwise computations and schedules are correct

Box No Tax Return Return Schedules
9.15 Net div 39,999 40,000.00
9.16 Tax credit 4,445 4,444.44
9.17 Gross 44,444 44,444.44

The result is somewhat strange, though I can understand (sort of) why the return entries are as they are. This must be a result of rounding adjustments (ie round tax credits and reliefs up, and income down in the taxpayers favour) so that 9.15 is the difference between 9.17 (rounded down to the nearest whole £) and 9.16 (rounded up to the nearest whole £), but it does give a silly result to send to the client/trustee to approve.

So as a matter of interest what do other trust return software packages show in the above instance?


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16th Jul 2012 17:55

income is rounded down but tax up

so i suspect that if you entered the figures with pence and it rounded them as displayed - does it matter in which order you enter the details 

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