An interest in possession trust with two life tenants has the following income in tax year 2023-24:

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Property expenses incurred in the year were £2,220 and general administration expenses amounted to £1,825.

(a) Compute the trustees' income tax liability for 2023-24.

(b) Assuming that the trust income is divided equally between the two life tenants, calculate each life tenant's income from the trust in 2023-24.

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Taxation Finance Act 2023

ISBN: 9781292461083

29th Edition

Authors: Alan Melville

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Question Posted: May 02, 2024 02:00 AM

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An interest in possession trust with two life tenants has the following income in tax year 2023-24:

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Taxation Finance Act 2023

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