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Chapter TSEM3011

Document Cited in Related
Vincent
Published date02 May 2016
Record NumberTSEM3011
Basic etc. rate charge on trustees

Trustees of a settlement are chargeable at the basic rate or dividend ordinary rate on trust income without any deduction for trust management expenses.

They may also be chargeable at the higher ‘special rates for trustees’.

Interest in possession trust

Trustees of an IIP are not normally chargeable at the special trust rates. The exception is when the trustees have certain capital receipts that are deemed to be income for tax purposes. See TSEM3201.

Accumulation or discretionary trust

If the trust is within ITA/S479, the special trust rates apply to income after trust management expenses. The special trust rates are the dividend trust rate in respect of...

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