A Hong

Thank you for confirming.

Hi, I think there may be some misunderstanding here. I’m not asking whether there’s a requirement to register with TRS. This is a personal injury trust which is excluded from registration. The question is in relation to trust income. As explained, the only income on the trust would be interest of less than £50 per year. This should be within my father’s annual personal allowances. That being the case, is he actually required to register and submit a personal self assessment tax return or not?

Hi, I think the advice given here conflicts with the documentation provided on the website. We were also told that as this is a personal injury bare trust it would only mean filing a personal tax return The link to bare trusts only refers to the self assessment tax return. The guidelines for filling out the SA100 tax return also states: "6. Trusts etc Fill in the Trusts etc pages if you were: a beneficiary of a trust (not a bare trust) or settlement" https://www.gov.uk/government/publications/self-assessment-tax-return-sa100/how-to-fill-in-your-tax-return-2022#before-you-start As mentioned, this is a bare trust for which my father is the beneficiary so per section 6 he would not have to fill in the Trust etc pages. Also, the interest income would be so minimal (under £50 per year) so should be covered under his personal allowances and therefore no taxes should be payable. Can I please ask you to check and confirm if he does indeed have to register for self assessment

I wrote the wrong rates of interest in error - the interest rate is 0.10% which would make the interest income on the bare trust to be under £50 per year. Please advise if there's any requirement to register for self assessment for this.

Hi, My father has set up a personal injury bare trust for his compensation. His only other income is Universal credit. We will be setting up a Trust current account with an interest rate of 10% therefore his annual income from the trust will only be interest of less than £5k. Does he need to register for self assessment for this and submit a return? And if so, is this income to be declared in the interest section?