B P Collins Solicitors: talk to the experts
Gerrards Cross: +44(0) 1753 889995
Wills, trusts and probate news
Two thirds of Britons 'don't have a will'
1 February 2012
B P Collins joins forces with Fairchild Dobbs
31 January 2012
Unmarried partners should inherit estate, says Law Commission
19 December 2011
Daughters lose 4 million pound will court case
16 December 2011
STEP outlines advice to combat cowboy will writers
2 December 2011
Partner left with huge bill over will dispute
1 December 2011
Trust income tax changes
29 April 2009
From 6 April 2010 the tax rate on dividend income will be increased from 32.5% to 42.5% and the tax rate on other income will be increased from 40% to 50%.
Both the individual and trust rates are 5% higher than the proposals that were originally announced in the pre-Budget report and they have also been brought forward by one year.
There are investment products available to trustees that do not produce income and therefore an income tax liability may not arise to the trustees. Trustees are advised to seek the advice of their investment adviser.
There are also ways of mitigating income tax liabilities by allocating part of trust expenses or by making income distributions to beneficiaries who are basic-rate taxpayers or non taxpayers.
If you require advice on this matter, please contact Cristine Benn in the B P Collins Trust team on 01753 279062, complete the online enquiry form or email privateclient@bpcollins.co.uk.
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