*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 2016-17:
£
Rents received 12,620 Bank deposit interest 1,240 Gilts interest received gross 1,800 Dividends received 14,480 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 2016-17.
(b) Assuming that the trust income is divided equally between the two life tenants, calculate each life tenant's income from the trast in 2016-17.
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