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Saturday 11 October 2008
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Trusts

Standard Rate Band

A standard rate band of £500 is introduced for all trusts paying tax at the rate applicable to trusts (RAT) of 40%. Below that level, trustees' income will be assessable at no more than the basic rate of income tax (22% for 2005/2006).

Trusts with income consistently below £500 will no longer need to complete an annual self-assessment return.

Trusts for the Vulnerable

There will be an election providing for certain trusts with vulnerable beneficiaries to be taxed as if the vulnerable beneficiaries owned the trust assets themselves. The trustees will be able to set the vulnerable beneficiary's personal allowances, starting rate and basic rate tax bands against the assessable income.
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