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Do not enter details if a beneficiary of a bare trust (where there is an absolute right to income or capital from the trust). Such information should be entered in the appropriate sections of the main tax return.
If there is an absolute right to income but not to the capital, enter details of income taxed at the basic or lower rate of tax in this section but do not enter details of:
Scrip dividends or foreign income dividends from UK companies (or UK unit trusts) (Enter them under Dividends from UK Companies or Dividends from Unit Trusts as appropriate).
Income from foreign sources.
Trust income received gross eg property income (enter on the appropriate part of the main tax return)
If there is no absolute right to income or capital and the trust is UK resident then enter details of income received stating that income is from a discretionary or accumulation trust and overriding the amount of UK tax calculated by IRIS, if necessary.
If there is no absolute right and the trust in non-UK resident then enter information under Disposals of holdings in Offshore Funds etc. Enter details of the trust fund on the provider record:
Gross income received - enter the income received net of tax
Tax deducted at source - IRIS will automatically calculate the tax deducted figure
Gross income - IRIS will automatically complete the gross income field based upon the net and tax amounts
Date income received - this field may be left blank, if completed ensure the date used falls within the current tax year
The screen is slightly different in 1998-99 and earlier years, the 'rate of tax' section is presented as a single (Y/N)
