New trust and estate return guidance
HMRC have published new information relating to the completion of the 2009–10 self assessment trust and estate return.
Trust and Estate main return (SA900)
- A new tick-box (21.10A) has been added to indicate whether HMRC’s new tax toolkit for Trusts and Estates has been usedduring the preparation of the return. HMRC are at pains to reassure agents that the purpose of this tick box is solely to gather some basic data as to how widely the toolkit has been used.
Lloyd’s Underwriters (SA901L)
- Details of changes in the types of distributions from 1 September 2009 for investors who hold shares in investment trusts. In addition there are changes to the treatment of certain foreign dividends with effect from 22 April 2009.
Foreign Income (SA904)
- Updated information as to where to enter details of income from furnished holiday lettings in the EU. Going forward, details should be entered on the SA903 (Trust and Estate UK Property page) and not on the SA904.
- There are changes to the treatment of certain foreign dividends with effect from 22 April 2009 which are relevant to the receipt of dividends from foreign companies that have substantial investments in interest-bearing assets as well as dividends from foreign companies that qualify for the UK tax credit. The notes relating to disposals of interests in offshore funds have also been updated.
There are also updates to forms SA906 (Residence), SA907 (Charities), SA923 (Estate pension charges) and SA950 (Tax Return Guide).
Taxpayers whose liability for 2009-10 is less than £1,000 will not be required to make payments on account and may make a single payment on 31 January 2012.