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- Introduction
- Personal Income Tax
- Employees
- National Insurance Contributions
- Savings and Pensions
- Capital Gains Tax
- Inheritance Tax
- Trusts & Estates
- Business Tax
- Corporation Tax
- Value Added Tax
- Other measures
- Income Tax Rates & Allowances
- National Insurance Contributions (Table D)
Budget sections
Trusts & Estates
Simplification
The second Finance Act of 2023 provided that, for 2024/25, trusts and estates with income from all sources of up to £500 will not have to file a tax return, and the tax liability of the trustees or personal representatives will be deemed to be nil. This is a useful simplification for the trustees and executors, but the tax position of the beneficiaries will have to be considered carefully as it may differ from previous years.