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A matter of trust
KEY POINTS
- Discretionary trusts pay about £500m of income tax each year.
- A trust can be considered a separate taxable person.
- The residence of the trust will depend on the status of the trustees.
- Accumulated or discretionary income is charged at the trust or dividend trust rate.
- Trust expenses must be allocated to specific income types in order.
- Calculating the trust tax pool.
At the last count in 2014-15 about 91 500 discretionary trusts were making a self-assessment tax return to HMRC. More strictly these should be referred to as trusts that pay tax at the special rate for trusts rather than discretionary trusts. However in this article we will refer simply to discretionary trusts. In total these paid income tax of...
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