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Posted Thu, 18 May 2023 12:45:35 GMT by mic7rjw
Hi My wife along with her two sisters have received a one off lump sum payment as a result of their parents closing a trust. They have received an accompanying tax certificate from the trust provider to declare to HMRC. I was told that there is a form for this one off payment to fill in to be able to calculate and pay the tax? Can you point me in the right direction?
Posted Wed, 24 May 2023 13:36:16 GMT by HMRC Admin 5

If your wife received more than £10000 from a bare trust or an interest in possession trust, then a self assessment tax return is required, please see Check if you need to send a Self Assessment tax return

Your wife can regiser for self assessment here Register for Self Assessment if she is not already registered for self assessment.  

To send a tax return online with a trust section, will require the purchase of 3rd party commercial software.  A list of software suppliers can be found here Self Assessment commercial software suppliers

If you send a paper tax return, all of the supplementary pages are available for download here Self Assessment tax return forms

Thank you.

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