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Finance Act 2004
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29Special rates of tax applicable to trustsU.K.
(1)Section 686 of the Taxes Act 1988 (accumulation and discretionary trusts: special rates of tax) is amended as follows.
(2)In subsection (1A) (which sets certain rates of tax in relation to any year of assessment for which income tax is charged)—
(a)in paragraph (a) (which sets the Schedule F trust rate at 25 per cent) for “25 per cent” substitute “ 32.5 per cent ”, and
(b)in paragraph (b) (which sets the rate applicable to trusts at 34 per cent) for “34 per cent” substitute “ 40 per cent ”.
(3)The amendments made by subsection (2) have effect in relation to the year 2004-05 and subsequent years of assessment.
(4)Schedule 4 to this Act (which makes amendments relating to the rate applicable to trusts) shall have effect.
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