Trust accounts - taxed?

Loco

can anyone confirm if trust accounts are taxed? My father passed away last year and we set up a trust account for IHT purposes.......just got a statement back with tax being taken off interest. Is that correct? Or do I have to fill in a tax return to claim it back?

barak

Trusts can be (or are!) complicated. This may help -

http://www.hmrc.gov.uk/trusts/introduction.htm

localhero

barak wrote:

Trusts can be (or are!) complicated

Agreed. Where money is paid out to a beneficiary of a trust fund, they are given a certicate, and they may reclaim any excess tax themselves.

If the tax was taken from interest paid to the executors administering an estate, then income tax cannot be reclaimed.