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Brief
The Taxation (Interest on Non-resident Trust Distributions) Act 1990 aims to impose an interest charge on distributions from certain trust estates to non-resident beneficiaries. The Act provides for the imposition of interest on these distributions and outlines the conditions under which it applies. The interest is payable in accordance with section 102AAM of the Income Tax Assessment Act 1936 and is effective from the day it receives the Royal Assent.
Key points:
The Act provides for the imposition of an interest charge on non-resident trust distributions
The interest is payable in accordance with section 102AAM of the Income Tax Assessment Act 1936
* The Act commences on the day it receives the Royal Assent
Please note that this summary provides a brief overview of the Act and is not a comprehensive analysis of the legislation. If you require further information or details on specific sections of the Act, please feel free to ask.
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