Discretionary Trust Tax (DTT)
Annual 1% charge
The first annual 1% charge arises in the year following the year in which the 6% charge arises.
When to pay and file
The annual 1% charge is payable within four months of the valuation date.
The valuation date is generally 31 December.
The trustee must complete a self-assessment Form IT32 and send it to Revenue with the tax due each year.
There is a surcharge for late filing of the return and interest will be charged on late payments.
Next: Exemptions from Discretionary Trust Tax (DTT)