A
Each source of income is grossed up at basic or dividend ordinary rate as appropriate. Payments are deemed to be made first out of income taxable at the basic rate, and then from dividend ordinary rate...
Trustees may make a deduction from taxable income for annuities (to a particular beneficiary for example) and similar payments that are provided for in the terms of the trust. An annuity is usually expressed...
A life interest is not defined by the legislation but includes a right to the income of, or the use or occupation of, settled property for the life of a person (including the life of a person...
A beneficiary who is entitled to a specified amount of income is treated as owning an amount of the settled property which produces the specified amount during the period. To ensure that the...