Declaration of trust

I am writing to seek clarification on the reporting requirements for income generated from shares held under a declaration of trust. I would be grateful if you could provide guidance on the matter. I am currently holding HSBC shares on behalf of my mother, who is American and not UK tax resident, under a declaration of trust. The declaration of trust clearly establishes my role as the trustee and my mother as the beneficial owner of the shares. However, I am uncertain about the proper reporting procedures for the income generated from these shares. Considering the ownership arrangement outlined in the declaration of trust, I would like to understand whether I, as the trustee, am responsible for reporting the income generated from the shares to HMRC as I am a UK tax resident but my mother is not UK tax resident. I would greatly appreciate your advice.

Hi,

Please refer to guidance at:

HS270 Trusts and settlements — income treated as the settlor's (2023)

Thank you.