TSEM3025 - Trust income and gains: the charge on trustees: trusts exempt from the special trust rates
Some discretionary trusts are exempt from the special trust rates. The exemption applies to:
- income arising to a trust established for charitable purposes only
- income arising to the trustees of flat management company trusts from 2006-07 - see TSEM5750
- some dividends arising to the trustees of approved profit sharing schemes - see TSEM5410
- for years to 2005-06 only, income from investments, deposits or other property, held:
- for the purposes of a fund or scheme approved under Chapter I Part XIV ICTA 1988 and established for the sole purpose of providing relevant benefits within the meaning of Section 612
- for the purposes of a FURBS established for the sole purpose of providing relevant benefits within the meaning of Section 612
(see TSEM5200 onwards); or
- for the purposes of a personal pension scheme approved under Chapter IV ICTA 1988.