If the trust rate income1 for a tax year2 of the trustees of a settlement3 is £1,000 or less, income tax is not charged on it at the dividend trust rate4 or at the trust rate5. If the trustees' trust rate income is more than £1,000, income tax is not charged on the first £1,000 of it at the dividend trust rate or at the trust rate6. Instead, income tax is charged on the trustees' trust rate income or the first £1,000 of it (as the case may be) at the rate or rates which would apply apart from
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