Revenue to tax trusts - papers 26 August

Furthermore, the change will apply retrospectively to all such trusts set up since 1986, the paper says. Details of exactly how to tax the trusts are yet to be released, but the scale of the issue is highlighted by the fact some 100,000 such trusts are extablished every year – or approaching some 2 million by the time the new tax regime comes into force. The ABI says the Revenue initially implied the new tax regime would not result in a new tax on such trusts, and the change comes as a “surprise” that will be challenged by the association. ANOTHER TIDBIT TO add to the ongoing saga ...