Trusts with small amounts of savings income

In the latest Trusts and Estates Newsletter HMRC has confirmed the continuation of the interim arrangement for interest reporting.

Call 02892528710 or email hello@cartmillstewart.co.uk

In the latest Trusts and Estates Newsletter HMRC has confirmed the continuation of the interim arrangement for interest reporting.

In 2016 the requirement for payers to deduct tax at source on bank and building society interest was removed and income from these sources is now paid gross. Due to this change, trustees and personal representatives had increased reporting requirements.

HMRC introduced an interim arrangement so trustees do not have to submit returns, or make payments under informal arrangements, where the only source of income is savings interest and the tax liability is below £100.

HMRC has confirmed that these arrangements have been extended to include the 2019/20 and 2020/21 tax years. The situation will continue to be reviewed in the longer term.

Contact us for help with trusts.


Internet link: GOV.UK Newsletter

xero.png quickbooks.png receipt-bank.png chartered-accountants-ireland.png
About our team

Cartmill Stewart & Co., Chartered Accountants was established in 2014 and today, we continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike.

Learn more

Contact Details

02892528710

Lisburn Office (Head Office)
Cartmill Stewart & Co, House of Vic-Ryn, Moira Road, Lisburn, Co. Antrim BT28 2RF
Banbridge Office
Cartmill Stewart & Co, 84 Halfway Road, BanbridgeCo, Down~] BT32 4HB

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

© 2020 Cartmill Stewart & Co. All rights reserved. powered by totalSOLUTION
Cartmill Stewart & Co. is the trading style of Cartmill Stewart & Co LLP.
Registered in Northern Ireland under LLP No. NC001219.
Registered Office: 84 Halfway Road, Banbridge, Co. Down, BT32 4HB.

We use cookies on this website, you can find more information about cookies here.