Discretionary trusts ''may see larger 2010 tax rates''
Date posted: 14 Dec 2009
Discretionary trust holders should be aware of the fact that they may see larger tax rates in 2010, according to one commentator.
Writing for the Times, David Budworth has highlighted the potential impact that a 50 per cent level of income tax may have on trusts, following a tax increase that is due to be introduced in April.
Mr Budworth also notes that the tax rate that currently applies to trust dividends is due to go up to 42.5 per cent in the same month.
Discretionary trust holders should be aware of the fact that they may see larger tax rates in 2010, according to one commentator.
Writing for the Times, David Budworth has highlighted the potential impact that a 50 per cent level of income tax may have on trusts, following a tax increase that is due to be introduced in April.
Mr Budworth also notes that the tax rate that currently applies to trust dividends is due to go up to 42.5 per cent in the same month.
He explained in his article: "Tax experts say that trusts fulfil a vital purpose for many families: many are set up to give children or grandchildren money but to retain control over it."
The HM Revenue and Customs website notes that discretionary trusts give their trustees responsibility over the amount of money that is paid out to beneficiaries.
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