New trust tax rate: mitigating over-taxation
As part of the Taxation (Annual Rates for 2023 – 24 Multinational Tax and Remedial Matters) Bill, the trust tax rate will increase from 33% to 39% from 1 April 2024. The new tax rate may be cause for concern for individuals with assets held through trusts, as even those not considered high-income earners may end up with their trust paying tax at a high rate of 39%. Inland Revenue… Read more