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Trust Expenses Deductible?

Treatment of expenses incurred by trustees for a discretionary trust – ie is this deductible or not?

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    When putting together a tax computation for a discretionary trust, trust expenses are deductible. However this only applies to discretionary trusts and not interest in possession. In addition the expenses are netted off against dividend income, interest and non-savings income in that respective order. In addition the trust expenses are grossed up eg if they are deducted from dividend income, the trust expenses are grossed up 100/90.

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