What reliefs are available to trustees?
Frequently Asked Questions
Various capital gains tax reliefs are available to trustees in particular circumstances. These are:
- Private residence relief - IR283
- Retirement relief on capital gains tax - IR289
- Relief for gifts and similar transactions - IR295
- Enterprise Investment scheme on capital gains tax - IR297
Trustees may also have relief against income for charges, such as annuities and annual payments.
Other related Frequently Asked Questions
- I have not received a return. Can you issue one to me?
- I have become a personal representative (executor). What do I do now?
- What is a settlement?
- What management expenses are deductible from trust income?
- How do I reclaim tax paid on my trust income?
- Capital gains have arisen in two separate years. Can I enter these details on one return?
- I have set up a trust. Does the tax office want to know?
- Do I need to send you a copy of the trust deed?
- What records should I keep?
- I need a tax return and reference number urgently, what do I do?
- I have just discovered that a trust has been in existence for a number of years. What should I do?
- What is a trustee?
- As a trustee what are my responsibilities?
- How do losses affect trustees?
- I have not received a return. Can you issue one to me?
- I have lost / do not appear to have received my return, can you send me a duplicate?
- By what date do I need to get my return back?
- I have received a return but there are no supplementary pages attached. Can you supply me with these
- Why does the Inland Revenue insist on the completion of trust returns in cases where all the income and gains are included in the personal tax return of the settlor?
- You have sent me a return but there is no tax to pay, do I need to complete it?
- I have made some capital payments to beneficiaries Do they have to go on my return and if so where?
- Capital gains have arisen in two separate years. Can I enter these details on one return?
- How do I declare income I received after the trust has ceased?
- Can I terminate a trust prematurely?
- When assets are distributed when a trust is wound up, is there a capital gain?
- As a trustee do I have to pay capital gains tax?
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- Is each trustee entitled to the trust annual capital gains exemption?
- What are post-transaction valuation checks?
- How do I get my valuations checked before making my return?
- How long will it take to get my valuations checked?
- What is taper relief?
- How do I calculate taper relief?
- What is hold-over relief?
- How do I calculate hold-over relief?
- What is a settlement?
- Is a settlement liable to capital gains tax?
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- How do I return trust management expenses?
- What management expenses are deductible from trust income?
- In what order should I deduct management expenses?
- Do trust offices deal with the deceased's final affairs?
- I have become a personal representative (executor). What do I do now?
- What is the administration period?
- When does the administration period end?
- How do I know what is administration period income and what is trust income?
- What happens when I wind up the estate?
- What rate of Income tax will I pay as personal representative?
- I have recently been appointed as an executor. What do I do about the deceased's tax?
- What is the administration period and when does it end?
- I have already paid tax to the Revenue. Why do I need to pay more?
- What counts as income of an estate?
- How do I pay tax on any income I receive?
- Can there be capital gains whilst I administer an estate?
- I am administering the estate of someone who has died. What deductions from capital gains are available?
- I am administering the estate of someone who has just died. Which tax office should I deal with?
- You have sent me a Trust return but the estate does not create a trust. Do I need to complete the return?
- You have sent me a return but there is no tax to pay. Do I still need to complete it?
- All the beneficiaries are charities. Will I be exempt from paying tax?
- The deceased's husband or wife is the sole beneficiary. Will I need to make tax returns?
- Do all of the executors need to sign tax forms?
- Why have you sent forms to me and not the other executor(s)?
- I have a solicitor/accountant dealing with the estate on my behalf. Can I send the forms on?
- I have now finished the administration of the estate. Do I need to wait until next April for the final year's tax return?
- How does the payment I received from an estate affect my tax liability?
- I have received a legacy from an estate. How does it affect my tax liability?
- How do I reclaim tax paid on my trust income?
- What is the difference between a legacy and the residue of an estate?
- How will I know how much estate income to enter on my tax return?
- The personal representatives received income that was treated as part of the estate for inheritance tax purposes. Can I, as beneficiary, claim tax relief for this?
- I am the beneficiary of an estate. Will I be liable to Capital Gains Tax?
- I have claimed my legal rights under a Scottish estate. How does it affect my tax?
- What do I have to do when a trust ceases to exist?
- What is the capital gains tax position of trustees?
- What types of trust are there and can I have a brief description of each?
- How does it affect my tax position if I get the whole or part of the residue of an estate?
- At what rate is capital gains tax charged?
- Do I have to go to the trouble of completing tax returns for the estate that I am administering?
- How long after becoming a trustee should I advise the Revenue?
- Which tax office should I contact?
- How do I settle the deceased tax affairs up to the date of death?
- How do I settle a student loan repayment?
- Should I contact the tax Office or will they contact me?
- Do trust offices deal with administration periods?
- Will I be liable to capital Gains tax?
- What is the annual capital gains exemption for a trust?
- What is the current rate of capital gains tax a trustee pays?
- What do I have to do when a trust ceases to exist?
- If a trust ceases is there any way of finalising the matter quickly?
- Can a trustee deduct management expenses from trust income?
- I have made some mistakes on my return, what do I do?
- How do I register a trust for tax?
- As a trustee what are my responsibilities?
- What tax rates apply to estate income?
- What is a tax pool?
