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From 1 April 2022 trusts are required to provide more information on their annual returns for the 2022 tax year onwards.

Does your trust need to comply with the additional reporting requirements?

When you file your trust's IR6 return you need to tell us if the trust needs to comply with the additional reporting requirements. Work out if these requirements apply to your trust.
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Financial statements

Further information needs to be included on the IR6, such as the trust's financial position including:

  • a profit or loss statement,
  • details of assets, liabilities and equity.

Settlements

Details of settlements will need to be provided with the trust's IR6 return, such as:

  • details of the person who made the settlement (the settlor)
  • the nature and amount of the settlement. 

Beneficiaries

Details about distributions made to beneficiaries will need to be included on the Estate or trust beneficiary details - IR6B, including:

  • the beneficiaries' details
  • the amount and nature of any distributions made to the beneficiaries
  • any amounts withdrawn from the trust by the beneficiaries
  • a reconciliation of the opening and closing balance of the beneficiaries' accounts.

Power of Appointment

You can submit details of powers of appointment through your income tax account in myIR by selecting 'Manage power of appointment' or by paper through the post.

You will need to provide the following details of any person who holds a power of appointment:

  • full name 
  • date of birth or commencement date
  • jurisdiction of tax residency
  • IRD/Taxpayer Identification Number
  • commence date of power of appointment
  • cease date - if ceasing to have a power of appointment.

Minimum standards for financial reporting by domestic trusts - order in council

OS 22/02 Reporting requirements for domestic trusts

Last updated: 26 Jan 2022
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