Untaxed Interest below £100 Dispensation Extended

(Andrew M Mortimer) #1

This morning in HMRC released the following announcement:

“Making tax easier for trusts and estates with small amounts of savings income

We announced in our April 2016 newsletter the introduction of interim arrangements regarding trustee returns, returns for estates in administration and payments made under informal arrangement. These arrangements only applied for the tax year 2016 to 2017 and did not require notification from trustees or personal representatives dealing with estates in administration where the only source of income was savings interest and the tax liability was below £100.
We’re now extending these interim arrangements to tax years 2017 to 2018 and 2018 to 2019 and will continue to review the situation longer term.”

Andrew M Mortimer