Q&As

What guidance is available to determine whether payments of dividend income from shares held by or on behalf of the trustees of an interest in possession trust and made to the life tenant have been ‘mandated’ to that beneficiary for income tax purposes?

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Published on LexisPSL on 04/07/2017

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • What guidance is available to determine whether payments of dividend income from shares held by or on behalf of the trustees of an interest in possession trust and made to the life tenant have been ‘mandated’ to that beneficiary for income tax purposes?

What guidance is available to determine whether payments of dividend income from shares held by or on behalf of the trustees of an interest in possession trust and made to the life tenant have been ‘mandated’ to that beneficiary for income tax purposes?

Many interest in possession trusts mandate the trust income directly to the beneficiary to avoid having to complete a tax return (except for capital transactions).

To determine whether dividend payments made to a life tenant have been mandated, it would be necessary to consider what (if any) instructions the trustees have given in respect of the particular source of income. Consideration will also need to be given as to

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