An interest in possession trust with two life tenants has the following income in tax year 2017-18:
Question:
An interest in possession trust with two life tenants has the following income in tax year 2017-18:
Property expenses incurred in the year were £2,220 and general administration expenses amounted to £1,850.
(a) Compute the trustees' income tax liability for 2017-18.
(b) Assuming that the trust income is divided equally between the two life tenants, calculate each life tenant's income from the trust in 2017-18.
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To compute the trustees income tax liability for the 201718 tax year and calculate each life tenants income from the trust well first need to determin...View the full answer
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