The estate or trust may have incurred expenses in generating its income, for example:
commission deducted from interest or dividends
expenses for return preparation
deductible trustee charges
interest paid to Inland Revenue.
If these expenses haven’t been claimed elsewhere in the return, write the amount claimed in Box 19.
Certain expenditure is not deductible and this includes:
- private expenditure
- capital expenditure.
Penalties may apply if it is claimed incorrectly.