2007 Budget summary cards by McCabes.
»Introduction
»Personal Income Tax
»National Insurance
Contributions
»Employees
»Savings & Investments
»Trusts
»Capital Gains Tax
»Stamp Duty Land Tax
»Inheritance Tax
»Corporation Tax
»Business Tax
»Value Added Tax
»Other Measures
»Tax Tables
»National Insurance
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Trusts
The 2006 Budget introduced major changes to the taxation of trusts which remain controversial. Many more trusts are now liable to Inheritance Tax and most gains are charged at the 40% tax rate.
In discretionary trusts, income over £1,000 is also charged at higher rates. A limited relief exists for registered social landlords who hold sinking funds for maintenance of their properties on trust for the tenants. This relief is extended to all landlords holding sinking funds from 6 April 2007.
Apart from this minor relief, there have been no other relaxations of the new harsh regime of trust taxation.
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