Administration period - !!!! up with interest paid to beneficiaries

Anthear

I wondered if anyone could help with this:

The administration period for my Father's Will Trust ended last year ('Professional' administrator).

I received a letter last month stating that '...further interest had arisen' on the Will Trust.

I asked for what period of time this related to - this was glossed over. I also asked for a new set of Will Trust accounts to reflect this additional interest and received this response: "Regarding the extra interest of £XX.XX, this was credited in March 2017 and it is not necessary, therefore, to amend the accounts to XX October 2016." A recalculation had been carried out; I was rightly notified of the extra interest by our Cashiers Department and then made contact with you. I apologise it was not sent out earlier."

I do not think this is satisfactory; am I correct in thinking that interest needs to show in the Trust accounts in the month/tax year in which it was earned, rather than when it was paid to the beneficiaries?

Help in understanding this appreciated. Thanks.

Yorkshireman99

Anthear wrote: »

I wondered if anyone could help with this:

The administration period for my Father's Will Trust ended last year ('Professional' administrator).

I received a letter last month stating that '...further interest had arisen' on the Will Trust.

I asked for what period of time this related to - this was glossed over. I also asked for a new set of Will Trust accounts to reflect this additional interest and received this response: "Regarding the extra interest of £XX.XX, this was credited in March 2017 and it is not necessary, therefore, to amend the accounts to XX October 2016." A recalculation had been carried out; I was rightly notified of the extra interest by our Cashiers Department and then made contact with you. I apologise it was not sent out earlier."

I do not think this is satisfactory; am I correct in thinking that interest needs to show in the Trust accounts in the month/tax year in which it was earned, rather than when it was paid to the beneficiaries?

Help in understanding this appreciated. Thanks.

It falls within the same tax year so probably makes no real difference.

Anthear

Good question! I don't know if it did or didn't because they won't tell me the time period it related to. The administration period went across 2 tax years 2015/16 and 2016/17. Hence the question.