The Government is cracking down on perceived unfairness in the tax system by increasing the trustee tax rate.
The trustee tax rate will be hiked from 33 percent to the top personal tax rate of 39 percent by April 2024.
Olivershaw tax advisor Mike Shaw explained that if the trust was invested in term deposits or listed shares, owners will be able to easily restructure their investments to sidestep the changes.
"They're currently paying tax at 33 percent- they'll be able to drop their rate to 28 percent. I suspect some have."
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