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 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

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy Policy | Help |

© 2019 Honey Barrett Limited. All rights reserved. We use cookies on this website, you can find more information about cookies here.

Honey Barrett Limited, 53 Gildredge Road, Eastbourne, East Sussex BN21 4SF
Bexhill Office : 48 St Leonards Road, Bexhill-on-Sea, East Sussex TN40 1JB
Wadhurst Office : Pharmacy Chambers, High Street, Wadhurst, East Sussex TN5 6AP

The Registered office is: Honey Barrett Limited, 53 Gildredge Road, Eastbourne, East Sussex BN21 4SF
Company registered in England & Wales, number 06137832
The ICAEW audit registration number for Honey Barrett (Audit) Ltd is C005419803.
VAT No. 725 2398 29