I am preparing a Trust Tax Return for Testamentary Trust created from my late mother's will. I am preparing a paper tax return and am unsure whether I need to complete the TB statement. I am the sole Trustee with discretionary powers. All profits are being distributed between myself and my grandchildren. There is no tax payable by the Trustee. I cant seem to work out if I have to complete the TB statement. Can anyone shed some light on this please?
I cant seem to work out if I have to complete the TB statement.
You should not need to do a TB.
I cant seem to work out if I have to complete the TB statement.
You should not need to do a TB.
Thx for your prompt response. I followed the link & although I had been there before, I reviewed & read more slowly. So to confirm, although I am the Trustee of the Testamentary Trust and also a beneficiary, I do not need to do a TB statement as my capacity as a beneficiary is for myself as an individual, not as a 'trustee of another trust'. Is my understanding correct? And again thank you :)
Yes
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