B P Collins Solicitors: talk to the experts
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Wills, trusts and probate news
Beneficiary dispute leads to repayment of inheritance
18 August 2010
Be thorough when writing a will
16 August 2010
Rogue will-writers causing problems for consumers
13 August 2010
Joint bank accounts 'not equally shared'
12 August 2010
Private will-writing industry 'needs stricter regulations'
10 August 2010
Crash victim 'struggles to regain control of finances'
4 August 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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