TSEM3325 | Trust income and gains: do Accrued Income Scheme provisions apply to trustee or beneficiary?

Accrued Income Scheme charge

If trustees (other than bare trustee - TSEM3320) transfer securities, any Accrued Income Scheme profit is that of the trustees. The trustees are chargeable at the trust rate, under ITA/Sections 481 and 482.

The Accrued Income Scheme profit on a transfer of securities does not form the income of any beneficiary.

Accrued Income Scheme losses

The treatment of the loss depends on who received the income interest against which relief is due. If the trustees received the interest, they are entitled to the relief. The trustees may have mandated the interest to a beneficiary. The beneficiary should claim the loss against the interest.