Clause 29 - Estates in administration and trusts

Part of Finance (No. 2) Bill – in a Public Bill Committee at 10:45 am on 16 May 2023.

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Photo of James Murray James Murray Shadow Financial Secretary (Treasury) 10:45, 16 May 2023

I thank the Minister for her response to my point. For clarity, my understanding of the Chartered Institute of Taxation’s point was that where trustees have no liability to report or pay, the beneficiaries, if they are basic-rate taxpayers, may still have basic rate income tax due on their income from the trust. I may have misunderstood, but did she say that beneficiaries will not be liable to income tax? Can she clarify that point?