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Lord Diplock also summarised the facts as follows.. My Lords, between July and October 1967 the executors of the late Mr. Vandervell were served with notices of assessment to surtax for the years 1962-63, 1963-64 and 1964-65 upon dividends which had been paid to the Vandervell Trustees, Ltd. as trustees of a settlement made by Mr. Vandervell in 1949.
The aim of the law is to ensure that the intention of the trust creator or decedent is carried out, and to govern the proper distribution of assets to trust beneficiaries, heirs and devisees. [1] To be enacted into law, the Act must be adopted by the state legislature. To date, most states have adopted the Act (sometimes with modifications). [2]
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
As the US income tax system at the time was highly progressive, the surtax was much higher on those with higher incomes, as a 10% surtax imposed on a tax rate of 20% would result in an overall rate of 22%, and the same surtax imposed on a rate of 50% would result in an overall rate of 55%.
An income trust is an investment that may hold equities, debt instruments, royalty interests or real properties. It is especially useful for financial requirements of institutional investors such as pension funds, [1] and for investors such as retired individuals seeking yield.
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Myth #2: You can access 100% of your home’s equity with a home equity loan or a HELOC. Unfortunately, very few lenders will finance a loan for 100% of your home equity.
Two types of tax apply to living trusts, namely income tax and capital gains tax (CGT). A trust pays income tax at a flat rate of 40% (individuals pay according to income scales, usually less than 20%). The trust's income can, however, be taxed in the hands of either the trust or the beneficiary.