The following Private Client Q&A provides comprehensive and up to date legal information covering:
In answering this Q&A, we have assumed that the trust fund in question is held as to an undivided half share in trust to pay the income to A during his life, and as to the other undivided half share to pay the income to B during his life.
Where a person is entitled to part only of the income of settled property, their interest in the underlying property is deemed to be a similar proportionate amount.
The reference in the legislation to ‘the income (if any)’ (emphasis supplied)
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