What management expenses are deductible from trust income?
Frequently Asked Questions
You can deduct from trust income chargeable at the rate applicable to trusts/dividend trust rate the expenses of managing a trust provided they meet the following two conditions:-
a) They are under trust law properly chargeable against income.
b) They are actually paid out of income of the year.
You cannot deduct costs, charges and expenses that you incur for the benefit of the whole trust. This includes legal expenses, investment advice or the cost of changing trust investments. Under trust law such expenses are properly chargeable to capital.
Other related Frequently Asked Questions
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