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    Trusts, settlements and estates - Taxation of estates - Income tax - Payments to beneficiaries - Tax deducted at source - 66165

    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...

    Trusts, settlements and estates - Income tax and trusts - Income tax liability of trustees - General principles - Annuities - 67100

    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...

    Trusts, settlements and estates - Capital gains tax and trusts - Deemed disposals - Termination of a life interest - 68455

    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...

    Trusts, settlements and estates - Inheritance tax and trusts - Exempt (interest in possession) trusts - General principles - Valuation of an interest in possession - Annuities - 69655

    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...