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MARK ACKRILL gives readers a wake-up call in relation to discretionary income trusts, and suggests making distributions now
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KEY POINTS
- Effect of new trust tax rates on taxpayers.
- Reduced level of distribution without a s 496 charge.
- Advance payments or grant interest in possession?
- Do not wait to take action.
Readers with long memories may recall the article by Andrew Mortimer ‘For whom the bell tolls’ Taxation 30 July 1998 page 477 regarding the effect of the exclusion from the tax pool (now ITA 2007s s 497) of the non-repayable tax credit on dividend income. Those whose memories are shorter or who need reminding of the basic principles of discretionary trust taxation...
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