Steve Wilson
Joined: 8/21/2023
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Self Assessment - Do I need to declare trust income?
If I receive income from a discretionary trust (offshore bond) via part surrender of segments below the 5% annual allowance on the original bond, do I need to declare this income anywhere on my self assessment tax return or not? This has not generated a chargeable event certificate from the trust since under the 5% allowance. I don't believe it needs to be declared on the beneficiary self assessment - is that correct? I am aware there may be trust reporting requirements for IHT for the trustees but that is a separate discussion. Thanks!