{"id":15762,"date":"2023-08-01T11:59:13","date_gmt":"2023-08-01T11:59:13","guid":{"rendered":"https:\/\/www.theukrules.co.uk\/?page_id=15762"},"modified":"2023-10-18T09:17:46","modified_gmt":"2023-10-18T09:17:46","slug":"responsibilities-for-trustees","status":"publish","type":"page","link":"https:\/\/www.theukrules.co.uk\/rules\/employment\/taxation\/capital-gains\/trusts\/responsibilities-for-trustees\/","title":{"rendered":"What are the Tax Responsibilities of a Trustee in a Trust?"},"content":{"rendered":"<h2>Reporting Trust Income and Gains to HMRC<\/h2>\n<p>You need to use a trust and estate <a href=\"\/rules\/employment\/taxation\/self-assessment\/\">Self Assessment tax return<\/a> to report the income and gains after the end of each tax year.<\/p>\n<p>But, you have a choice of using (either):<\/p>\n<ul>\n<li><a href=\"https:\/\/www.gov.uk\/government\/publications\/self-assessment-commercial-software-suppliers\" target=\"_blank\" rel=\"noreferrer noopener\">Commercial software<\/a> (to send it electronically by January 31st).<\/li>\n<li>The paper version (<a href=\"https:\/\/www.gov.uk\/government\/publications\/self-assessment-trust-and-estate-tax-return-sa900\" target=\"_blank\" rel=\"noreferrer noopener\">form SA900<\/a>) and posting it to HMRC three months earlier (by October 31st).<\/li>\n<\/ul>\n<p><strong>Note<\/strong>: Another guide explains how to <a href=\"\/rules\/employment\/taxation\/self-assessment\/tax-bill-explained\/\">get help with Self Assessment tax returns<\/a> (e.g. from an accountant or from HM Revenue and Customs).<\/p>\n<p><\/p>\n<hr>\n<p><\/p>\n<h2>Submitting Your Tax Returns<\/h2>\n<p>HM Revenue and Customs (HMRC) will send you a notification about the amount you owe after you send in your tax return. It is important to <a href=\"\/rules\/employment\/taxation\/self-assessment\/tax-bill-explained\/\">pay your Self Assessment tax bill<\/a> before the deadline to avoid penalties.<\/p>\n<p><\/p>\n<hr>\n<p><\/p>\n<h2>Statement of Income from Trust<\/h2>\n<p>The trustee(s) must provide a statement (e.g. using <a href=\"https:\/\/www.gov.uk\/government\/publications\/trusts-and-estates-statement-of-income-from-trust-r185-trust-income\" target=\"_blank\" rel=\"noreferrer noopener\">form R185<\/a>) showing the amount of income and tax paid by the trust (if the beneficiary requests it) and give the information to all beneficiaries.<\/p>\n<p>You should use form R185 (<a href=\"https:\/\/www.gov.uk\/government\/publications\/trusts-and-estates-statement-of-trust-income-chargeable-on-settlor-r185-settlor\" target=\"_blank\" rel=\"noreferrer noopener\">Settlor<\/a>) to notify the settlor about income arising from the trust in which they &#8216;retain an interest&#8217;.<\/p>\n<p><strong>Important<\/strong>: HMRC guidance about <a href=\"https:\/\/www.gov.uk\/guidance\/trust-record-keeping-for-tax-purposes\" target=\"_blank\" rel=\"noreferrer noopener\">trust record keeping for tax purposes<\/a> explains more about which documents you need to collect and keep (e.g. bank statements).<\/p>\n<p><\/p>\n<hr>\n<p><\/p>\n<h2>Making Death Benefit Payments from Pension Schemes<\/h2>\n<p>There might be situations where you need to give extra information to the beneficiary (within thirty days), such as when (both):<\/p>\n<ul>\n<li>A payment funded by a taxable lump sum from a pension scheme is made.<\/li>\n<li>The pension holder has passed away.<\/li>\n<\/ul>\n<p>Trustees need to use form R185 (<a href=\"https:\/\/www.gov.uk\/government\/publications\/trusts-and-estates-trustee-notification-of-tax-deducted-r185-lsdb\" target=\"_blank\" rel=\"noreferrer noopener\">Lump Sum Death Benefit<\/a>) and pension administrators need to use the &#8216;<a href=\"https:\/\/www.gov.uk\/government\/publications\/pension-schemes-notification-of-tax-deducted-r185-pension-scheme-admin\" target=\"_blank\" rel=\"noreferrer noopener\">Pension scheme admin<\/a>&#8216; version.<\/p>\n<p><strong>Note<\/strong>: Another section has information about when and <a href=\"\/rules\/employment\/taxation\/income-tax\/inherited-pension\/\">how to pay tax if you get money from someone&#8217;s pension pot<\/a> after they die.<\/p>\n<p><\/p>\n<hr>\n<p><\/p>\n<h2>Extra Responsibilities for Trustees<\/h2>\n<p>Other responsibilities that a trustee needs to carry out will depend on <a href=\"\/rules\/employment\/taxation\/capital-gains\/trusts\/types-of-trust\/\">what type of trust you are managing<\/a> and any relevant instructions noted in the trust deed. As a rule, it will include:<\/p>\n<ul>\n<li>Completing <a href=\"https:\/\/www.gov.uk\/government\/publications\/inheritance-tax-inheritance-tax-account-iht100\" target=\"_blank\" rel=\"noreferrer noopener\">form IHT100<\/a> if the trust needs to pay Inheritance Tax.<\/li>\n<li>Using the online service to <a href=\"https:\/\/www.gov.uk\/guidance\/manage-your-trusts-registration-service\" target=\"_blank\" rel=\"noreferrer noopener\">update details about the trust<\/a> at HM Revenue and Customs (HMRC).<\/li>\n<\/ul>\n<p><\/p>\n<hr>\n<p><\/p>\n<h4>Related Help Guides<\/h4>\n<p><\/p>\n<ul>\n<li><a href=\"\/rules\/employment\/taxation\/capital-gains\/trusts\/\">How are trusts taxed and where can you get help?<\/a><\/li>\n<li><a href=\"\/rules\/employment\/taxation\/capital-gains\/trusts\/inheritance-tax\/\">Trusts and Inheritance Tax (IHT) after death<\/a>.<\/li>\n<li><a href=\"\/rules\/employment\/taxation\/capital-gains\/trusts\/cgt\/\">When might Capital Gains Tax be payable from a trust?<\/a><\/li>\n<\/ul>\n<p><strong>Note<\/strong>: Another section explains <a href=\"\/rules\/employment\/taxation\/capital-gains\/trusts\/register-a-trust\/\">when you must register a trust with HM Revenue and Customs<\/a> (HMRC) and the deadlines for registering.<\/p>\n<p><\/p>\n<hr>\n<p><\/p>\n<div class=\"updated-data\">\n  <strong>Trustee Tax Responsibilities in the United Kingdom<\/strong><br \/>\n  <time datetime=\"2022-01-01\">Last Updated 2022<\/time>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Reporting Trust Income and Gains to HMRC You need to use a trust and estate Self Assessment tax return to report the income and gains after the end of each tax year. But, you have a choice of using (either): Commercial software (to send it electronically by January 31st). The paper version (form SA900) and&hellip; <a class=\"more-link\" href=\"https:\/\/www.theukrules.co.uk\/rules\/employment\/taxation\/capital-gains\/trusts\/responsibilities-for-trustees\/\">Continue reading <span class=\"screen-reader-text\">What are the Tax Responsibilities of a Trustee in a Trust?<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":16607,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are the Tax Responsibilities of a Trustee in a Trust? - UK Rules<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theukrules.co.uk\/rules\/employment\/taxation\/capital-gains\/trusts\/responsibilities-for-trustees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are the Tax Responsibilities of a Trustee in a Trust? - UK Rules\" \/>\n<meta property=\"og:description\" content=\"Reporting Trust Income and Gains to HMRC You need to use a trust and estate Self Assessment tax return to report the income and gains after the end of each tax year. 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