The following Trusts and Inheritance Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
The terms of a trust may require the payment of an annuity to a beneficiary. Alternatively, discretionary trustees may decide to pay a fixed annual sum to a beneficiary for a pre-determined period. In both cases, the beneficiary has a right to the annuity, and effectively has an interest in possession in a fixed portion of the income.
The tax treatment of annuities arises from three separate provisions in the legislation:
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