Where the terms of a will provide that, if the income from a trust fund is insufficient to pay an annuity, a sufficient sum is to be raised by the trustees out of capital to pay the annuity in full, the whole of the annuity is income of the recipient and, to the extent that the annuity has not been paid out of taxed income but out of capital, the trustees are accountable for the tax on it1. Similarly, where there is a provision that a deficiency of income in a particular year is to be made up out
**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