The fact that an annuity is paid out of capital does not affect the character of the payment in the recipient's hands1. The question is what is the nature of the payment in his hands rather than what is the fund out of which the payment was made. Thus where, under the terms of a will, if the income of the residue of the estate should be insufficient, the trustees were empowered to realise capital to make up the income of a beneficiary to a certain amount, and in fact did so, the amount so paid was held to
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234