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Current accounts may make beneficiaries settlors for tax purposes

On 22 December 2014, Inland Revenue released draft Public Ruling PUB0209: “Income tax — whether a beneficiary will be treated as a settlor”.  The Public Rulings consider whether a beneficiary of a trust who has a current account can be a “settlor” of the trust for income tax purposes under s HC 27(2)(a) or (b) of the Income Tax Act 2007.  … Continue reading