Guidance

Changes to the 2014 to 2015 Trust and Estate Tax Return

Published 1 May 2015

Changes to the 2014 to 2015 Trust and Estate Tax Return

There have been some changes to the 2014 to 2015 Self Assessment Trust and Estate Tax Return and supporting guidance notes.

SA900 - main part of the return

Page 3, question 5

The reporting limit for capital gains has been increased to £44,000.

Page 6, question 10A

The heading now also refers to patent royalty payments which trustees need to put in boxes 10.5A to 10.7A.

Page 12, box 21.7

Disclosure of tax avoidance schemes, the promoter reference number (or scheme reference number) needs to be included here.

SA950 – notes on the SA900

Page 6, first flowchart question

Are you the trustee of an unauthorised unit trust (UUT)? For some UUTs, changes to the UUT tax regime will involve a change of basis period of calculating income. For more information go to Unauthorised Unit Trusts: tax year 2014 to 2015.

Page 9, question 5

Capital Gains. The annual exempt amount and reporting limit have been increased to £11,000 and £44,000 respectively.

Page 21, question 10A

Do you want to claim any reliefs or have you made any annual payments, deemed payments or patent royalty payments? Trustees of a UUT who have made, or are treated as having made, deemed payments should tick the ‘Yes’ box and complete boxes 10.2A to 10.4A, following the guidance at Unauthorised Unit Trusts: tax year 2014 to 2015.

Page 26, question 18

If the trust or estate has paid too much tax, do you want to claim a repayment? Please note that if the tax has been paid by credit or debit card, we will always try to repay back to the card first before making any repayment as requested in boxes 18.1 to 18.12 of the SA900.

SA901 Notes - trade notes

Page TTN3, boxes 1.14 to 1.23

Capital allowances and balancing charges. From 6 April 2014 if you buy or sell a property the new owner will not be able to claim allowances for fixtures if the past owner did not pool their qualifying expenditure on the fixtures. Pooling includes making a claim for first year allowances (FYA) or Annual Investment Allowance in respect of the expenditure. It is not necessary for the last owner to claim writing down allowances. As a rule, the past owner is the last person who was entitled to claim capital allowances on the fixtures.

SA903 Notes - UK property notes

Page TLN7, boxes 3.33 and 3.35

Capital allowances and balancing charges. From April 2014 if you buy or sell a property the new owner will not be able to claim allowances for fixtures if the past owner did not pool their qualifying expenditure on the fixtures. Pooling includes making a claim for FYA or Annual Investment Allowance in respect of the expenditure. It is not necessary for the last owner to claim writing down allowances. As a rule, the past owner is the last person who was entitled to claim capital allowances on the fixtures.

SA904 Notes – foreign notes

Page TFN12, boxes 4.21 and 4.23

Capital allowances and balancing charges. From April 2014 if you buy or sell a property the new owner will not be able to claim allowances for fixtures if the past owner did not pool their qualifying expenditure on the fixtures. Pooling includes making a claim for FYA or Annual Investment Allowance in respect of the expenditure. It is not necessary for the last owner to claim writing down allowances. As a rule, the past owner is the last person who was entitled to claim capital allowances on the fixtures.

If, however, the trust has income from property that is not a furnished holiday letting and the property that the trust or estate lets is a dwelling house (including a flat), capital allowances are not available on any plant or machinery, furniture or fittings supplied.

SA905 Notes - capital gains notes

The annual exempt amount and reporting limit have been increased to £11,000 and £44,000 respectively.

SA906 Notes - non-residence notes

Page TNRN1, note 3

Deciding the trustees’ residence status for Income Tax and Capital Gains Tax purposes. The wording has been changed to confirm that only where the trustees acting during the period of non-residence are corporate will the foreign income for that period not be assessable for the year.