Pre-Budget Report 2008 - Tax rate for trusts to be increased
Hidden in the detail of today’s Pre Budget report is the news that, from April 2011 the tax rate applicable to trusts will be increased from 40% to 45% and the dividend rate for Trusts will be increased from 32.5% to 37.5%.
It is unclear whether a beneficiary who is only liable to basic rate or the “lower” 40% will be entitled to full credit for the tax paid by the trustees
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