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Is it time?
As we move towards the new 2024-25 tax year it is important for trustees of discretionary trusts to bear in mind that the tax rules for trustees are changing as a result of announcements made more than a year ago. Consider the following:
- the capital gains tax annual exempt amount has reduced from £6 150 in 2022-23 to £3 000 in 2023-24 and will reduce still further to £1 500 from 6 April 2024;
- the trust standard rate tax band of £1 000 will be removed from 2024-25; and
- trustees with total trust income of less than £500 in a tax year will from 2024-25 have this amount treated as £0 for income tax purposes.
Income tax
First let’s consider the income tax changes. From 2024-25 trustees with non-savings or savings income of more than £500 that previously fell into the standard rate tax...
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