Trusts and Estates
Simplification
The second Finance Act of 2023 provided that, for 2024/25, trusts and estates with income from all sources of up to £500 will not have to file a tax return, and the tax liability of the trustees or personal representatives will be deemed to be nil. This is a useful simplification for the trustees and executors, but the tax position of the beneficiaries will have to be considered carefully as it may differ from previous years.