Should I be declaring my share dividends

jamesbogiant

I have a bit of money that was left to me when my uncle died, it was put into a trust which is being managed by an investment management company. I receive a lump sum every 3 months which I think equates to the dividends paid on the shares and interest on the savings. It usually works out at £2k a year if i am lucky.

Does anybody know if this sort of thing is taxed before it reaches my bank account or whether I should be declaring it as an income?

Thanks,
James

agrinnall

Dividend payments are generally taxed at source, the only reason you would need to declare them is if there is additional tax to pay, usually if you are a higher rate tax payer.

jamesbogiant

Brilliant, thanks!

xylophone

Is the interest taxed at source?
Do you not receive an annual statement from the trustees showing income received and tax paid?
What kind of trust is it?
http://www.hmrc.gov.uk/trusts/beneficiaries-pay-reclaim.htm
See http://www.hmrc.gov.uk/trusts/income-tax/income-types.htm
and if unsure check with the Trustees/HMRC.