Following UK Chancellor, Gordon Brown's pre-budget report earlier this week, the Society of Trust and Estate Practitioners (STEP) cautiously welcomed government plans to simplify the taxation of trusts.
Speaking on Wednesday, John Riches, chairman of the STEP Technical Committee explained that:
"We agree the time is right for the reform of tax provision for trusts, particularly those with less well-off beneficiaries. There is a strong case for significant reform of smaller trusts to enable tax compliance costs to be reduced for the less well-off."
"However we do have concerns that proposals for increasing tax rates for some trusts - where the person who has established them does not benefit personally - may actually cancel out any reforms by increasing the burden for some of the less well-off."
He concluded:
"We also welcome the acknowledgement that trusts have a positive role to play, particularly for those who wish to plan their tax affairs properly and help those who are unable to manage their own affairs."
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