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Trust accounts - taxed?
Loco
Posts: 103 Forumite
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?
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Comments
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".....where it is corrupt, purge it....."0
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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.[FONT="]Public wealth warning![/FONT][FONT="] It's not compulsory for solicitors or Willwriters to pass an exam in writing Wills - probably the most important thing you’ll ever sign.[/FONT]
[FONT="]Membership of the Institute of Professional Willwriters is acquired by passing an entrance exam and complying with an OFT endorsed code of practice, and I declare myself a member.[/FONT]0
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