News from the Budget 2023 FYI
A consultation on low income trusts and estates was undertaken last year and the results have now been enacted.
- Trusts and Estates with income of up to £500 will no longer need to pay tax;
- Estate beneficiaries receiving income of up to £500 will no longer need to pay tax;
- Discretionary Trusts will lose the starting rate band of £1,000 and so all income and gains will be taxable at the higher rates.
Read more here Income Tax: Low income trusts and estates – summary of responses - GOV.UK (www.gov.uk)
Lucy Orrow CTA TEP
Lambert Chapman LLP