Overseas Trust - do I need to file?

Hello, For the years 2020-2021 and 2021-2022, I had an overseas trust left to me by my mother, in a diversified interest account. This trust was not accessible by me until I turned 26 in 2022, had a separate tax file number, and was administered by my aunt. Do I need to submit a self assessment form for the trust for these years? My Australian accountant does not seem to think so. However I want to make sure I'm doing the right thing. Thank you very much in advance!

Hello, I still haven’t had a reply to this - please could I have an update?

Hi,
Please have a look at the guidance on non resident trusts at:
Non-resident trusts and in particular, the section for ""How much you should pay if you are a beneficiary".
It advises:If you’re a UK resident beneficiary of a non-resident trust, you may need to complete a Self Assessment tax return and the SA107 supplementary pages. 
As you commenced receiving income from the trust in 2021/2022, a tax return will be required for each tax year from 2021/2022 onwards, for as long as you receive the trust income.
Thank you

Thank you, I have a follow up question. To clarify, the trust passed into my “ownership” in august of 2023, so I think that falls into the 2022-2023 tax year. Prior to this, the tax was managed by my aunt, though a handful of payments were made from her to me in that time (2020-2021 and 2021-2022 tax year). Do I still need to fill out self assessment for these years? And if not, how do I “take myself out” of self assessment?

Hi Emma Hollis,
August 2023, falls into the UK tax year 2023/2024.
Yes, tax returns are required for every year in which you were in receipt of foreign income.
Thank you. 
 

Hi, Thank you for that! I appealed a late penalty and so no longer have access to complete those returns - I'm still waiting on a reply on the appeal, I assume they will reject it and then I will have access to the returns again? Please let me know. Thank you!

Hi,

You cannot appeal a late filing penalty until you submit the relevant late return. You can see guidance here: 

Check when to appeal a Self Assessment penalty for late filing or late payment

Thank you.

Hi, I received a message on my HMRC account with the line "If you believe you have a good reason for not sending your tax return on time, you can appeal against this penalty. You need to appeal within 30 days of the date of this message." I clicked on the link included with the 'appeal' section and filled in that form. Subsequently, the tax years 2020/2021 and 2021/2022 appear on my HMRC account appears with the following detail: Tax year ending 05 Apr 2022. Issued on: 28 Sep 2023 File on paper by: 06 Mar 2024 File online by: 06 Mar 2024 Submitted on: Received on: 05 Mar 2024 Help about: Received on - opens in a new window However I didn't file for these - I think I have mistakenly said I do not need to pay tax for these years? How do I amend and file those returns? Do I need to send the HMRC a letter? Thank you.

Hi,

Overseas income is a requirement to file a return as you are liable on your worldwide income if you are UK resident. 

You will now need to send in paper returns as you will have closed the option to file online by answering no.

Thank you.

Thank you for letting me know! Is my first step then to notify the HMRC via letter that I need to file a return? What is the number/name of the form for the paper return? I really appreciate your advice thank you

Hi Emma Hollis,
You need to SA100 as the main return and then also the additonal pages that are relevant  to you:
Self Assessment tax return forms
Thank you.