Income Tax - whether income that is deemed to arise under tax law, but not trust law, can give rise to beneficiary income » TCA

By: Tca  05-Apr-2012

17 February 2012

TCA's General Comments

TCA believes the issue paper released is a step in the right direction and well overdue for the industry.  Overall, TCA members are supportive of the paper INS0111 and believe that it is positive and gives Trustees some clarity and certainty going forward. 

However, even though INS0111 does give TCA members some clarity and certainty, it does not address all the issues faced by Trustees.  In particular, at the heart of this matter are the recent changes in the savings and investment regime and the move in the industry to PIE investments.

TCA members also find that the design of the IR 6 is not ideal for trusts and estates with PIE and FIF investments and request this matter is also addressed as part of this exercise.