Contents
Don't leave it to chance
Family tax planning
Tax payback - tax credits
Pay rise for the other half?
Jam today, or jam tomorrow?
Pension payments and tax relief
Employee pensions
Children's pensions?
Borrowings and tax
Investment limits
Employee cars and fuel
Give generously and save tax
Capital gains
Capital losses
Second homes
Company or trade?
Inheritance tax
Children's savings?
Business tax
Two jobs = too much NIC?
Should VAT be flat?
Mutiny and bounty
One careful owner
A matter of trust
|
Trusts may be set up for tax reasons or for other reasons - but the tax rules are important either way. In 2004, the tax rates for trusts went up, so that trusts now pay the same on both income and gains as individual taxpayers. In some cases, a trust will pay higher rate tax, even if the beneficiaries are all lower rate taxpayers. Trustees need to consider whether there is anything they can do this year to mitigate the higher liabilities. The rules for trusts will change again in 2005. The final details are not available yet, but it is likely that discretionary trusts - which can accumulate income or pay it out - will be treated more favourably if they distribute promptly. All trustees will need to review their situation at 5 April 2005, and decide whether they need to change the course of action they have followed in previous years.
| ||||
© Bayar Hughes & Co., 2010.