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Trusts update

Simon Hart provides a round-up of recent devlopments and cases

30 April 2004

The Chancellor presented his Budget on 17 March 2004 and the Finance Bill was published on 8 April. In line with the proposals announced in the Pre-Budget Report, the Government is making significant changes to the trust taxation regime. Rate applicable to trusts With effect from 6 April 2004, the rate applicable to trusts (RAT) has been increased from 34 per cent to 40 per cent, and the corresponding dividend rate has been increased from 25 per cent to 32.5 per cent. This affects all trusts where the trustees can accumulate income and/or pay it out to beneficiaries at their discretion (principally discretionary and accumulation and maintenance trusts). The rate at which the trustees of all trusts (discretionary and fixed interest) and personal representatives pay tax on capital gains has also been increased from 34 per cent to 40 per cent. Trust tax modernisation Broader changes are also on the horizon with regard to the taxation of trusts. T...

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