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Posted Thu, 10 Feb 2022 14:47:31 GMT by JAL
We are in the process of winding up a discretionary trust based in the Isle of Man, which was set up 6 years ago by my father (who is still alive). I need advice about which forms will need to be completed. The money will go to 4 grandchildren aged 26, 23, 21 & 17.
Posted Fri, 11 Feb 2022 16:15:01 GMT by HMRC Admin 10
Hi

You will need to speak to the trusts helpline for advice on which forms to complete for the closure of a trust.

Trusts

Thankyou.

Regards.
Posted Fri, 11 Feb 2022 16:30:53 GMT by JAL
I obviously didn't make it clear, we are winding up the trust and have completed their forms, however I need to know which HMRC forms need to be submitted to declare the chargeable gain. Is self assessment sufficient, or will a supplementary form needed too, if so which one/s?
Posted Mon, 14 Feb 2022 15:00:22 GMT by HMRC Admin 17

Hi,
 
Apologies for the misunderstanding.

If there is a capital gain from a trust then this would need to be reported through self assessment.

Please see guidance here regarding how to do this:

Trusts and Capital Gains Tax (Self Assessment helpsheet HS294)     .

Thank you.

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