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As a trustee you'll have to complete a Trust and Estate Tax Return - form SA900. You might also have to fill in some additional pages, depending on the trust's income and gains.
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Trustees are the legal owners of the assets held in a trust. They are usually responsible for managing the trust on a day-to-day basis, completing tax returns and paying any tax due on income and gains.
Completing a Trust and Estate Return can be difficult. You might like to get professional advice from a tax adviser or solicitor to help complete the return and to help run the trust. Members of the Society of Trust and Estate Practitioners (STEP) are experts who can give you help with any trusts related problem.
When you first become a trustee for a trust that is expected to pay Income Tax or Capital Gains Tax you'll need to tell HM Revenue & Customs (HMRC) about the trust. Fill in form 41G (Trust) Trust Details and send it to the HMRC Trusts Office.
There are many different types of trust. The tax rules are different depending on what type of trust you're responsible for. For example your trust may be set up:
In April or May each year, HMRC will normally send you a letter telling you that you need to complete a tax return. If you usually complete a Trust and Estate Tax Return (SA 900) and you haven't received a letter by the end of April, you should get in touch with HMRC.
You'll need to complete the Trust and Estate Tax Return - form SA900 - for every tax year as long as the trust exists. Depending on the type of income and gains of the trust you may have to also complete some additional pages. For example:
You can complete and send a Trust and Estate Tax Return online using commercial software.
Sending a tax return online has many advantages - for example the deadline is later and your tax is worked out automatically.
You'll need to register for HMRC Online Services if you want to submit the Trust and Estate Tax Return online.
You'll have to keep records of the income and gains of the trust, trust expenses and income payments to beneficiaries so that you can complete the Trust and Estate return.
If you send in a paper tax return, it must reach HMRC by midnight on 31 October following the end of the tax year it relates to.
If you send it online, you have three months longer - it must reach HMRC by midnight on 31 January instead.
You'll be charged a penalty if the tax return isn't received on time.
There are a few exceptions to the above dates, for example if you receive your tax return late - follow the link below to find out more.
You'll need to tell HMRC when all the trust assets such as money, shares and property have been paid out and the trust comes to an end. You'll usually have to complete a Trust and Estate Return from the end of the last tax year to the date the trust came to an end. There may be tax to pay for this period so you'll need to keep back enough of the trust funds to pay it.