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Trust Taxation
Whilst not exhaustive, nor should it be relied upon, the following table summarizes the tax position of Trusts, which will apply to the above Trust Fund.
Taxation of Trusts - A Summary 2010/11
|
Type of Trust |
Income Tax |
Capital Gains Tax |
|
Bare |
Income assessed on beneficiary (unless parental settlement and income exceeds £100 p.a.) |
18%/28% Gains assessed on beneficiary; full CGT exemption available |
|
Interest in possession (non-discretionary) |
Dividends etc 10% Other (rent, savings) 20% |
28% with maximum half individual CGT exemption |
|
Discretionary |
First £1,000 – Dividends 10% Other (rent, savings) 20% Over £1,000 – Dividends 42.5% Other 50%
|
28% with maximum half individual CGT exemption. |