I5.1305 Taxation of beneficiary's annuity

IHT, trusts and estates

Commentary

An annuitant under a trust is in the same position as any other person entitled to an annuity. An annuity is an annual payment, which is assessable as a separate source of miscellaneous income¹ — see E1.510.

If it is paid under a discretion, the trustees must deduct tax at the trust rate (currently 45% from 2013/14, see I5.1010), otherwise it is subject to deduction at the basic rate, whether or not it is paid out of

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I5.1305 Taxation of beneficiary's annuity

IHT, trusts and estates

D6.503 International movement of capital—reportable transactions and events

B6.749 ATED—property developers

C1.106 Allowable capital losses

B3.325 General exclusions—first-year qualifying expenditure

B2.218 Surplus business accommodation

E4.11120 Additional annual returns by employers—overview

C1.106A Annual exempt amount

E4.622 Vans—main rules

I5.226 Disposals of QIIPs for consideration

I5.251 Absolute entitlement by the life tenant

E8.811 National Insurance number—refusal of application

D2.250 Group relief—limited rights, variable rights and options attaching to ordinary shares

C2.108 Contingent liabilities

E4.1146 The PAYE cumulative basis—overview

I8.335 Valuation on death of partner in service

D3.410 Benefits provided by close companies to participators

E4.1167 Payments made after leaving and after issue of form P45

C2.1173 Interaction of the exemption election regime with other capital gains exemptions

D4.104 Company residence and the case law test

I5.1304 Beneficiary with contingent interest

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I5.1305 Taxation of beneficiary's annuity

IHT, trusts and estates

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