Commentary

I4.552 Legacies and annuities

IHT, trusts and estates

I4.552 Legacies and annuities

I4.552 Legacies and annuities

Legacies

Income arising from property which is the subject of a specific disposition by Will belongs to the beneficiary from the date of death, subject to anything in the Will to the contrary. The legacy itself does not give rise to a tax liability, being a payment out of capital. But if there is delay in vesting the property in the beneficiary, who has an absolute interest in the property concerned, any income arising to the PRs belongs to the beneficiary and if it is paid to him will form part of his estate income1.

As regards

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