Jurisdiction(s):
United Kingdom

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Key definition

Main Principles definition

What does Main Principles mean? In practice, Main Principles describes the high-level corporate governance principles set out in the 2016 and earlier editions of the UK Corporate Governance Code issued by the FRC. They articulated overarching expectations across five themes: leadership, effectiveness, accountability, remuneration, and relations with shareholders. In those editions, the Main Principles were accompanied by Supporting Principles and detailed Provisions. The term is not defined in legislation or case law; it is the Code’s own terminology and is used descriptively in corporate governance and listing compliance. Premium listed companies were required under the FCA Listing Rules to apply the Main Principles on a...

Discretionary trust distributions: beneficiary income tax treatment, annual payments, gross-up at the trust rate, and R185/HMRC reporting

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Practice notes

This Practice Note sets out the core income tax rules that apply to a beneficiary of a discretionary trust for income tax purposes only. An individual is liable to income tax only when they are entitled to, or actually receive, income from a taxable source. For a discretionary trust beneficiary, the taxable income arises from the discretionary trust itself.

The source of a beneficiary's income

When a beneficiary is paid income by a discretionary trust, it is because the trustees have exercised their discretion so that the beneficiary becomes entitled to it. Accordingly, the trustees are treated as the source of that beneficiary’s income. This differs from the treatment of an interest in possession beneficiary, who is regarded as taking income directly from the trust property. See Practice Note: Interest in possession beneficiaries (life tenants)—income tax...

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Web page updated on 26/05/2026

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