TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Surcharge on Undistributed Trust Income – Form 1

The surcharge on undistributed trust income arises where trust income for the year ended 31 December 2009 remains undistributed after 30 June 2011. The surcharge panel within the Form 1 requests the amount of trust income for the year 2009, and this is the amount submitted to Revenue. However, Revenue advises that there is a display issue in the Print View of the Form 1 where it states that the trust income figure entered in this panel was for the year 2008. Revenue confirms in eBrief No. 53/12 that, notwithstanding what is stated in this Print View screen, that the correct year is shown on the information submitted and the trust income is recorded as income arising in the year ended 31 December 2009.