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TRUSTS FOR 2017/2018

8th March 2017 BUDGET PROPOSALS
AND CHANGES FOR 2017/2018 previously announced
(Subject to details in the Finance Bill)
Ellis Atkins have taken all due care in the presentation of these notes. No responsibility for loss occasioned to any person or company acting or refraining from action as a result of any material in these notes can be accepted by Ellis Atkins, its partners or staff. Please contact us or your own professional advisor for advice specific to your circumstances.

From April 2017 the trust tax rate is at 45% and the dividend trust rate at 38.1%.

The Capital Gains Tax rate for all trusts is 20%, except in relation to chargeable gains from the disposal of residential property where the Capital Gains Tax rate is 28%.

Income distributions are received with the benefit of a tax deduction of 45%. Any difference between each beneficiary’s top rate and 45% is recoverable.

The standard rate band applying to the first £1,000 of income for all trusts liable to the trust tax rate remains the same.