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Where Taxpayers and Advisers Meet

Search found 32 matches

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by Anicetry
Fri Nov 29, 2019 9:08 pm
Forum: HMRC Administration, Practices & Methods
Topic: Tax Return rejected because pages are missing
Replies: 1
Views: 455

Tax Return rejected because pages are missing

I help an elderly friend with his Tax Return. He has had it returned as unacceptable "because pages TR4 – 7 are missing". This was the first year he did not receive a Tax Return in the post – for reasons unknown – nor any letter reminding him he needed to submit one, somehow. So I downloaded only th...
by Anicetry
Fri Oct 04, 2019 11:33 am
Forum: Income Tax
Topic: How to report Spanish dividend on UK Tax Return
Replies: 3
Views: 5790

Re: How to report Spanish dividend on UK Tax Return

I resorted to calling the HMRC self-assessment Helpline in the end. And the upshot is: 1 – It's the usual problem of nomenclature. What Spain and IAG describe as Withholding Tax, HMRC call Foreign Tax, so it goes in column C. 2 – I was told that even if I am not applying to Spain for a (partial) tax...
by Anicetry
Thu Oct 03, 2019 10:35 am
Forum: Income Tax
Topic: How to report Spanish dividend on UK Tax Return
Replies: 3
Views: 5790

Re: How to report Spanish dividend on UK Tax Return

Thanks for replying. Sorry, I should have said – I have to fill out the Foreign Pages due to other foreign income.
by Anicetry
Wed Oct 02, 2019 7:58 pm
Forum: Income Tax
Topic: How to report Spanish dividend on UK Tax Return
Replies: 3
Views: 5790

How to report Spanish dividend on UK Tax Return

Can anyone explain to me how I have to account for my 2 figure dividend from IAG (British Airways) on my Tax Return, and what other obligations I have in relation to it? For a start, I am assuming that it goes on the Foreign Pages, as the company is based in Spain and the dividend was taxed and paid...
by Anicetry
Thu Jul 12, 2018 2:43 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Beneficiary's healthcare – distribution or expense?
Replies: 1
Views: 409

Beneficiary's healthcare – distribution or expense?

Where a family discretionary trust is paying private healthcare fees for the beneficiary, are they regarded as trust expenses or a distribution to the beneficiary for tax and accounts purposes?
by Anicetry
Thu Jul 12, 2018 2:37 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Beneficiary of offshore trust, self assessment reporting ?
Replies: 3
Views: 443

Re: Beneficiary of offshore trust, self assessment reporting ?

As the Isle of Man is outside the UK, any trust based there is classed as non-resident, hence any payment from the trust will be regarded as foreign income for UK tax purposes, and hence taxable. As your payment was 'relatively small' the chances are it was actually a distribution of income in which...
by Anicetry
Thu Feb 22, 2018 9:17 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Discretionary trust – retaining income after end of Accumulation Period
Replies: 4
Views: 958

Re: Discretionary trust – retaining income after end of Accumulation Period

Thanks AGoodman. By default beneficiary(s) do you mean the primary beneficiary(s)? The trustees are still exercising discretion and paying out some income – just not all of it. So I don't think the trust can be deemed to have become Interest in Possession, or that Trust Rate Tax is no longer appropr...
by Anicetry
Wed Feb 21, 2018 1:00 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Discretionary trust – retaining income after end of Accumulation Period
Replies: 4
Views: 958

Re: Discretionary trust – retaining income after end of Accumulation Period

<<from a trust perspective, it will be a breach of trust.>> What if the income is merely being held until a more appropriate moment for payment (with the agreement of the beneficiaries) – still a breach of trust? What are the ramifications of a breach of trust? What sanctions are available and appli...
by Anicetry
Mon Feb 19, 2018 11:32 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Discretionary trust – retaining income after end of Accumulation Period
Replies: 4
Views: 958

Discretionary trust – retaining income after end of Accumulation Period

Discretionary family trust:

–– Accumulation period has ended

–– No imperative to make any distributions as beneficiaries currently have a surfeit of alternative income

–– What are the ramifications of retaining the trust income indefinitely (though not converting it to capital)?
by Anicetry
Sun Jan 21, 2018 2:36 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Does a trustee have to declare expenses received on tax return?
Replies: 1
Views: 457

Does a trustee have to declare expenses received on tax return?

A non-professional trustee (not the settlor) of a family, discretionary trust has been paid £5,000 expenses. Do they have to declare this on their personal tax return? If so, where exactly?

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