Budget 2008 > Individuals > Unauthorised Unit Trusts: unintended consequences
 

Unauthorised Unit Trusts: unintended consequences

A minor amendment will be made to ITA 2007 to correct an unintended effect of that Act on the income tax payments on account schedule of Unauthorised Unit Trusts. The effect of the legislation had been to defer the amounts payable by these vehicles as compared to the previous legislation. This will be amended in the 2008 Finance Bill, to return the position to ‘normal’.

As income tax payers the tax rate is reducing on payments by unauthorised trusts to 20% from 6 April.