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The Terms of Trust screen provides tick boxes for various aspects of the Tax Return and form 41G.
The white space on this screen may be used to enter the terms of the trust or other relevant information. This information is not used in any of the reports at present but may be useful for reference purposes.
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Trust was established in settlor's lifetime |
If this box is ticked, part C of form 41G must be completed. This relates to assets that have been settled into the Trust. IRIS will use information entered in Assets or Funds put into the Settlement to complete this section. |
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Settlor retains an interest in the Trust |
If the settlor retains an interest in the Trust, this box must be selected as it will affect how the Trust is taxed. The Trust's income will be subject to lower/basic rate tax only if the settlor is interested in the Trust, except for any part of the trust income paid at the trustee's discretion to Charity. Selecting this box will tick box 8.12 on the Tax Return. |
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Trust is governed by laws outside the UK |
This question is asked on form 41G. If the Trust is governed by laws outside the UK, select this box and question 4a on form 41G will be ticked yes accordingly. |
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General Administration carried on outside the UK |
This question is also asked on form 41G. If the Trust's administration is carried on outside the UK, question 4b on form 41G must be ticked yes. Select this box to ensure that the corresponding box on the form is also selected. |
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Is the Trust established under the Scots Law |
This question is asked on form 41G. If the trust was established under the Scots Law select this box and IRIS will tick box 4c in the 41G. |
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Trustee participates in underlying non-resident company |
Select this box if applicable and IRIS will tick box 8.14 on the Tax Return. An underlying non-resident company is a company that would be classified as a close company if it were resident in the UK. |
