hk1 K
Joined: 7/7/2024
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How to pay HMRC income tax on interest received on trustee account
I'm the trustee of my parent's will. Payable 50% to myself (Paid) and 50% to my daughter upon attaining 25. My daughter was 25 in June 2024 and the value of the inheritance PLUS the FULL AMOUNT OF THE INTEREST ON THE TRUSTEE SAVINGS ACCOUNT of approximately £5,000 has been passed to her. How do I pay the income tax on this interest to HMRC and do I need to complete any forms? Or alternatively, does this go thru my daughters Self Assessment Tax form for Tax year 2024/25? Also would this interest be part of the £500 interest allowed to be earned per annum without income tax being charged?