Where a beneficiary is entitled to the income from a trust fund, the whole of the income of the fund is the income of the beneficiary1.
Where trustees are directed under the terms of a trust to discharge certain expenses and charges, the income of a beneficiary from the trust is represented by the net amount remaining after payment by the trustees of the administration expenses and charges, for example annuities, on the income of the trust2. Where trustees are accountable for funds not handed over to beneficiaries and compound interest on those funds, the interest is income in the
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