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of <h1>Clause 307: income held by representatives taxed at top marginal rate unless narrow exceptions allow association-of-persons rates</h1> Clause 307 treats income held by representative assesses as taxable at the maximum marginal rate where beneficiary identities or shares are unspecified or indeterminate, subject to narrow exceptions permitting association-of-persons rates (limited beneficiary economic circumstances, a sole testamentary trust, bona fide pre-1 March 1970 non-testamentary trusts for dependants, and bona fide employee funds). The Bill added a prefatory 'subject to the other provisions of this section,' absent in the enacted Act, and the Act includes a corrigendum narrowing application of the top rate to 'such income or part thereof' for business profits, clarifying but not substantively altering the provision.
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