One of the welcome changes the Chancellor announced in the March budget that you may have missed, is that trusts and estates with income less than £500 will no longer pay income tax. This will be effective from April 2024.
This will remove more lower value trusts and estates from the need to submit self-assessment tax returns and informal tax reporting.
Importantly, trusts and estates with income more than the de minimis amount will be taxed on the full amount of this income, rather than the income only applying to the de minimis amount.
If you would like to discuss the forthcoming changes and what they might mean to you, or any aspect of trust and estate taxation please get in touch.