TSEM5956 - Trusts for particular purposes: the Thalidomide Trust - payments to beneficiaries from 5 August 2004
During the tax year 2004-05 the Paymaster General approved a Treasury Order bringing the Thalidomide Trust within the 바카라 사이트˜structured settlements바카라 사이트™ legislation. The바카라 사이트˜Thalidomide Children바카라 사이트™s Trust (Application of Section 329AA of the Income and Corporation Taxes Act 1988) Order 2004바카라 사이트™ came into effect on 5 August 2004.
From 5 August 2004 income payments made by the Trust to beneficiaries are no longer subject to tax and no longer count as income for tax credits purposes.
Any other taxable income received 바카라 사이트“ from employment, for instance 바카라 사이트“ is subject to tax in the normal way.
The change does not apply retrospectively, and the tax treatment set out in TSEM5954 remains for payments made up to 4 August 2004.