Accountancy's monthly round-up of the latest tax developments: Trust modernisation

Article Abstract:

Revenue & Customs has published information on the taxation of trustrees' income and gains as part of the modernisation process, which contains a large number of changes expected to take effect from April 6, 2006. Some of the main points listed are Settlor-interested trusts, deeds of variation involving trusts and CGT, capital receipts deemed to be income, residence of trustees, sub-fund elections, common definitions of settlor and settled property, and trust management expenses.

Interpretation and construction, Trusts and trustees, Trustees

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Budget 2004

Article Abstract:

The UK governmentEs annual Budget, announced in 2004, has some unpleasant tax implications in the details, though a few of the measures are slightly less depressing than expected. A discussion on the implications of the important tax changes in areas such as personal tax, owner-managed businesses, loans and close companies, and pensions, is presented.

Analysis

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Budget overview

Article Abstract:

The direct tax issues of Budget 2005 are discussed. No change was made to corporation tax headline rates and the capital gain tax annual exemption was increased to 8500 pounds.

Budget Process, Budget, Budgeting, Small and medium sized companies

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