29 September 2005
If you insist
It may be remembered that Finance Act 2005 introduced a relief for trusts whereby the first £500 of income that would otherwise be taxable at the special trust rates of 40% (or 32.5% for dividends) will be taxed at the basic rate of 22%, or the lower rate of 20%, or the dividend ordinary rate of 10%, depending upon the nature of the income. I cannot imagine the amount of public money that has been spent in providing this miniscule amount of relief.
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