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HMRC internal manual

Trusts, Settlements and Estates Manual

Trust income and gains: the charge on trustees: the tax pool - credit to beneficiaries

When a discretionary income payment is made to a beneficiary of a non-settlor - interested trust, it carries a credit at the trust rate (see TSEM3041 for current rate). Such credits reduce the amount available in the ‘tax pool’ - see TSEM3020.