B P Collins Solicitors: talk to the experts
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Practice group news
Contested legacy case 'could create problems for the third sector'
10 March 2010
Inheritance tax 'effectively abolished' under Tory plans
9 March 2010
New partner announced at B P Collins
1 March 2010
Changes to the rate of income tax from 6 April for trusts
25 February 2010
Man 'fails in bid to contest mother's will'
22 February 2010
RSPCA ordered to pay legal bill over will dispute
18 February 2010
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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