Trust income and gains: Sub-fund elections - the election form SFE1
A sub-fund election must be made on form SFE1. The form is available online and can be completed on screen online. SFE1 can be found through ‘Find a Form’ on the HMRC website at www.hmrc.gov.uk.
However, it must then be printed and signed by all the trustees of the principal settlement before the election takes effect. This includes the trustees of the sub-fund settlement and the trustees of all the other funds within the principal settlement. If trustees do not have access to the HMRC website they should contact the office dealing with the tax affairs of the trust to obtain a printed copy of the form.
The form should be submitted to the relevant trust office (TSEM1420).