Trusts with small amounts of savings income

In the latest Trusts and Estates Newsletter HMRC has confirmed the continuation of the interim arrangement for interest reporting.

In the latest Trusts and Estates Newsletter HMRC has confirmed the continuation of the interim arrangement for interest reporting.

In 2016 the requirement for payers to deduct tax at source on bank and building society interest was removed and income from these sources is now paid gross. Due to this change, trustees and personal representatives had increased reporting requirements.

HMRC introduced an interim arrangement so trustees do not have to submit returns, or make payments under informal arrangements, where the only source of income is savings interest and the tax liability is below £100.

HMRC has confirmed that these arrangements have been extended to include the 2019/20 and 2020/21 tax years. The situation will continue to be reviewed in the longer term.

Contact us for help with trusts.


Internet link: GOV.UK Newsletter

Get in touch

Why not drop us a line or fill in our very quick enquiry form

Address

Lyons Leonidou, Galla House, 695 High Road, North Finchley, London N12 0BT

Phone

020 8445 0112

Email

mail@lyonsleonidou.com


Home | About us | Accounting records | Narrative reporting | Running a limited company | Disclaimer | Help | Site map | Accessibility |

© 2021 Lyons Leonidou. All rights reserved.

We use cookies on this website, you can find more information about cookies here.