Inland Revenue has issued an updated exposure draft regarding the taxation of trusts that will replace the current IS 18/01. The exposure draft, which has a consultation period ending 13 October 2023 is a general guide as to how income derived by the trustees and beneficiaries of a trust is taxed. The exposure draft also overviews the various compliance obligations imposed on settlors, trustees and beneficiaries under tax law. The exposure draft does not deal with the proposed change to the trustee tax rate and related measures announced in May 2023.
The draft Interpretation Statement is accompanied with a Reading Guide to assist.
References:
Matters of Trust 
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