In brief, issue 4390

This item was filled under Tax

Finance Bill

The 2013 Finance Bill will be published on 28 March.

New trusts act

The Trusts (Capital and Income) Act received royal assent on 31 January 2013. It makes three main changes. First it disapplies the statutory rule requiring time apportionment of income and certain case-law rules of apportionment, for trusts coming into existence after commencement, unless the settlors opt for these rules to apply. Second, it classifies corporate receipts from all tax-exempt demergers as capital rather than income. Finally, trustees of charities with permanent endowment to make a resolution can opt for total return investment in line with new Charity Commission regulations.

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