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HMRC internal manual

Trusts, Settlements and Estates Manual

HM Revenue & Customs
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Trust management expenses : ‘properly chargeable to income’: apportionment and tax: recording and evidence: expense separately recorded

The invoice etc. should clearly show that it refers exclusively to income.

Example 1

Invoice states ‘Accountancy services - reconciling income receipts’.

Example 2

Invoice states ‘Data inputting - income transactions’.

Example 3

Bank statement shows a separate charge that the trustees can identify as relating to transfer of income to beneficiaries

Example 4

An annual statement shows an insurance premium for property occupied by a beneficiary that falls within TSEM8729.

Example 5

A quarterly or annual statement shows rent paid by the trustees for a property occupied by a beneficiary that falls within TSEM8755.