*6.6 An interest in possession trust with two life tenants has the following income in tax year...
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*6.6 An interest in possession trust with two life tenants has the following income in tax year 2009-10:
£
Rents received 12,620 Bank deposit interest (net) 992 Gilt interest received gross 1,800 UK dividends 12,600 Property expenses incurred in the year were £2,220 and general administration expenses amounted to £2,700.
(a) Compute the trustees' income tax liability for 2009-10.
(b) Assuming that the trust income is divided equally between the two life tenants, calculate each life tenant's income from the trust in 2009-10.
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