Chapter TSEM8005
| Published date | 02 May 2016 |
| Record Number | TSEM8005 |
In managing a trust the trustees may incur expenses in the course of exercising their duties and powers. These are ‘trust management expenses’ (TMEs). TMEs are not like any other expenses for tax purposes.
There is a common misconception that TMEs are on a par with tax deductions for trading. Where a trust carries on a trade, the normal trading income rules apply to the computation of the profit/loss of that trade. In contrast, TMEs are expenses incurred in the capacity of trustee, not in any other capacity such as a trader. They are not related to the expenses or deductions of a trade or rental business. Even if a large trust is run...
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