Note that the text of this section is based on rates and allowances applying for the tax year 2019–20, which are liable to change.

5.5.1 Income tax

The first £1,000 of income is taxed at the standard rate (currently 20%). Any further income generated on assets whilst they are held within the trust is taxed at the trust rate, which is currently 45% for investment income and 38.1% for dividend income.

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