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Posted Fri, 20 Dec 2024 11:30:54 GMT by Jimbob
I'm a beneficiary of an Interest In Possession trust that hardly ever pays anything out. Months after I completed my 2023-2024 tax return, the trustees and accountant sent me an R185 saying I had received income from the trust in that tax year. Actually, I didn't receive anything from the trust that year (or know about this at all), but the trustees/accountant say they will send me the money soon (it's now 8 months after the tax year ended). Is it legal that they are paying me the income in the 2024-2025 tax year, but saying it's from the 2023-2024 tax year? For my own tax return, should I personally treat this as 2023-2024 or 2024-2025 income?
Posted Tue, 07 Jan 2025 15:45:27 GMT by HMRC Admin 19 Response
Hi,
As the income arose in the actual trust in 2023 to 2024, it needs to be declared as 2023 to 2024 income.
Thank you.
 

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