Latest News [index] Beneficiary Income
The definition of beneficiary income has changed, with effect from 1 April 2010. The amended definition provides that the period within which income earned by the trust in the previous year can be distributed as beneficiary income can be increased up to twelve months. However, where a deed of trust provides that income not paid within six months is trustee income (as is often the case) the trustees cannot take advantage of the amended definition. Where this is the case it may be possible to vary the deed of trust so that this limitation will no longer apply. If you have any questions about beneficiary income or how to vary a deed of trust please contact a member of the Ayres Legal team.