Oral trust taxation: trustee personally liable for wealth tax at prescribed or alternative flat rate; filing may deem trust written. The amendment deems certain non written trusts to be declared where a trustee signs and forwards a written statement with trust particulars to the Wealth tax Officer within prescribed three month periods, revises subsection (4) cross references, and inserts sub section (4A) making a trustee of an oral trust personally liable for wealth tax in the same manner as an individual resident, with tax chargeable at schedule rates or an alternative flat rate, and defines oral trust as a trust not declared by a duly executed instrument nor deemed declared under subsection (1).
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Provisions expressly mentioned in the judgment/order text.
Oral trust taxation: trustee personally liable for wealth tax at prescribed or alternative flat rate; filing may deem trust written.
The amendment deems certain non written trusts to be declared where a trustee signs and forwards a written statement with trust particulars to the Wealth tax Officer within prescribed three month periods, revises subsection (4) cross references, and inserts sub section (4A) making a trustee of an oral trust personally liable for wealth tax in the same manner as an individual resident, with tax chargeable at schedule rates or an alternative flat rate, and defines oral trust as a trust not declared by a duly executed instrument nor deemed declared under subsection (1).
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