When filing a return for clients the PIE income is now populating from the IRD. For individuals this does not affect the taxable income but for Trusts it adds it on. Is this what the IRD requires? Our area manager directed me to some unhelpfull literature. (has anyone been able to a staight answer from them?)
Thank you for your post.
For IR6, if the PIR was at the correct rate for the full year, the PIE income does not need to be included in the return.
If the PIR was at the incorrect rate the PIE income does need to be included in the return. The PIE income and PIE tax credits get included with the standard income and tax credits in the return, so will be taxed at the relevant rate for the return type. For example, PIE income in an IR6 will be taxed at 33% when it needs to be included in the return.
Kind regards,
Lisa
