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of <h1>New law taxes income from oral trusts at top rate, shifting liability and compliance burden onto trustees, raising risks</h1> Both versions tax income linked to 'oral trusts' at the maximum marginal rate but differ in the person reached: the Bill targeted the income of the person appointed under an oral trust, while the enacted section charges tax on income that a trustee receives or is entitled to receive on behalf of or for the benefit of any person. The enacted text therefore shifts the compliance and liability focus to trustees, contains no exceptions or procedural detail, and expressly prevails 'irrespective of anything contained in any other provision' of the Act, increasing enforcement and recordkeeping risk for trustees.
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