Revenue Precedent

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Revenue Precedents

What regime of tax should apply to payments by individuals to a trust for funeral expenses? Arrangements have been agreed for the taxation and administration of trusts established by funeral directors to hold payments made in advance by individuals to meet their future funeral costs. The conditions for the operation of these trusts are as follows: a) 18% tax to be applied to all gross income of the trust with credit for DIRT allowed. No refund of DIRT is available; b) the individual has no further tax liability; c) no individual may invest more than 4,000 (this limit is subject to review); d) no individual may have more than one investment; e) details need not be included in the individuals tax return; f) the scheme is subject to review to ensure that it is operating satisfactorily. 5068/95