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TSEM3525 | Trust income and gains: Sub-fund elections - details required in the election

From HM Revenue & Customs · Trusts, Settlements and Estates Manual

The election must contain the following:-

  • A declaration by each trustee of the principal settlement that he or she consents to the election.

  • A statement by the trustees that the four conditions are satisfied.

  • Such information as HMRC may require.

  • A declaration by the trustees that the information given is correct.

The two declarations and the statement are incorporated in the body of form SFE1 and there are spaces for the information. The form specifically asks for details of the trustees of the sub-fund settlement (identifying any who will remain, for the time being, trustees of the principal settlement), details of the trusts, property, settlors and beneficiaries.

A notice may be issued to any one of the trustees, settlors and/or the beneficiaries of the principal or sub-fund settlements requiring information to be provided to establish whether any of the four conditions are met.