• At-a-glance
• Administration of Tax
• Personal Taxation
• Employment Taxation
• Business Tax
• Corporation Tax
• Capital Gains
• Savings and Investments
  
• Inheritance Tax
  
• Charities
  
• Trusts
• Anti-avoidance
• Value Added Tax
• Stamp Taxes
• Insurance Premium Tax
• Environmental Taxes
• Excise Duties
• Landline Duty

TRUSTS

Tax Changes for Certain Trusts Compensating Asbestos Victims

A measure is announced which benefits trusts which were set up on or before 23 March 2010 for the benefit of victims of asbestos related conditions. The measure exempts trustees of such trusts from CGT, IHT and income tax. The changes apply from 6 April 2006 and the Government intends to legislate them in the next Parliament.

Tax Repayments on Settlor-Interested Trusts

New legislation to be introduced in the next Parliament will require settlors of settlor-interested trusts to pay any tax refunds they receive on the trust income to the trustees. These repayments will be disregarded for inheritance tax purposes. The new rules are expected to apply to repayments relating to income tax chargeable from 6 April 2010.