Beneficiaries

This section includes the following tabs. Click on a heading to find out more about the boxes on each tab.

Option Description
Name of trust or settlement This will not appear on the Trusts etc. supplementary pages (SA107) or elsewhere in the return but will be the title for the item in the annual data navigator. This will also be used on the Data schedule. This detail will carry forward on year update.
Type of trust or settlement

Choose between

  • Discretionary
  • Interest in possession
  • Discretionary (settlor-interested)

The Type of trust or settlement selected will carry forward on year update.
Interest in settlement commenced

This will not appear on the SA107, but will appear on the Data schedule. If you leave this box blank, then the data for this beneficiary will be created for all the open tax years for this client. Otherwise, the information will only be created for the tax year of commencement and later years.

The date of commencement will carry forward on year update.
Interest in settlement ceased This will not appear on the Trusts etc. supplementary pages (SA107) but will appear on the Data schedule. If you leave this box blank, then the record of this beneficiary will continue to be carried forward on year update.
Discretionary income - These boxes are available when the ‘Type of trust or settlement’ is set to Discretionary or Discretionary (settlor-interested).
Net amount (when Discretionary is selected) The net amount of discretionary income paid.
Amount (when Discretionary (settlor-interested) selected) The amount of discretionary income paid.
Tax credit This is calculated using the rate applicable to trusts for the tax year. This figure can be overwritten if required.
Taxable amount This value is calculated as Net amount + Tax credit.
Non-discretionary income - These boxes are available when the ‘Type of trust or settlement’ is set to Interest in possession.
Net amount Enter the net amount of non discretionary income paid at non-savings, savings and dividend income rate.
UK tax or Tax credit This will be calculated automatically from the net amount entered using the rates applicable for the tax year. These values displayed in the Tax credit boxes may be overwritten if required.
Taxable amount This value is automatically calculated as Net amount + Tax credit.
Income is from a trust or settlement whose trustees are not resident in the UK for tax purposes If this box is selected, the entry will be carried forward on a year update.
Residential property finance costs
Amount brought forward Shows amount carried forward from the previous year.
Amount for the year Enter the amount of residential finance costs arising in the year available to be used to calculate a tax reduction.
Total amount available for the year The sum of Amount brought forward and Amount for the year.
Amount used this year Enter the amount of available residential finance costs used this year.
Amount to carry forward Total amount available for the year less Amount used this year.

How do I get here?

Other income > Income from trusts and settlements > Beneficiaries

What's this page about?

Use this form to enter the details of all amounts received by a beneficiary.

If the client did not have an absolute right to income from the trust and the trustees are resident in the UK for tax purposes, enter the following:

  • the actual income that the client received
  • the amount of income tax deducted
  • the income before tax

You can get these figures from the tax voucher provided by the trustees.

If the client did not have an absolute right to income from the trust and the trustees are not resident in the UK for income tax purposes, no entry should be made in the Beneficiaries form. Instead you should enter details in the Foreign income section.

If the client is not resident in the UK and they want to claim relief under Extra Statutory Concession B18, contact the Financial Intermediaries and Claims Office (FICO).

The tax year that you are entering details for is shown at the top of the data entry page. If you want to change the tax year, you should select a new date from the drop-down list at the top of the navigator.

  • Auto calc - If you tick this option, the calculations will be automatically completed for you where possible. If you untick this box you will see a new tab appear called Summary.

    Note: Not all data-entry forms have an Auto calc option.

  • Estimated - Tick this box to indicate that the figures you've used are estimated. This will then show on the item in the navigator, and at the higher level folder in the navigator by showing a small e.
  • Complete - Tick this to indicate that the form is complete. A green tick will appear on the item in the navigator and at the higher level folder in the navigator.

If you want to close the page without saving any of your changes, you can click Cancel. If you were adding new details, then nothing will be saved. If you were editing an existing item then the page will close, reverting to your previously saved details.