We are still awaiting the promised consultation on the taxation of trusts announced in the Autumn 2017 Budget. However, in the meantime HMRC have updated their guidance on how different types of trust income are taxed, what management expenses and reliefs can be deducted, and understanding the tax pool.
Please contact us if you are considering setting up a trust or wish to discuss estate planning more generally.
FURTHER INFORMATION OR ADVICE:
If you would like further information or advice about any of the issues raised in this newsletter or any other tax-related matter then Steve Bird would be delighted to hear from you: firstname.lastname@example.org