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Delicate touch: vulnerable beneficiary trust rules

Kelly Hardcastle explains the imminent changes to vulnerable beneficiary trust rules

8 October 2012

The government is currently consulting on the definition of ‘vulnerable person’ in respect of the tax legislation applicable to trusts set up for the benefit of the most vulnerable members of society.

Such trusts are recognised by the government as an important means of making provision for those in need and can qualify for special tax treatment.

The tax reliefs can be very beneficial:

  • following an annual election and claim, the trustees’ tax liability on income and chargeable gains is reduced, broadly, to the rate applicable to the beneficiary, rather than the higher rates usually applicable to trusts;

  • the trustees’ capital gains tax annual exemption is increased to the full rate applicable to individuals; and

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