Commentary

I5.1304 Beneficiary with contingent interest

IHT, trusts and estates

I5.1304 Beneficiary with contingent interest

I5.1304 Beneficiary with contingent interest

A beneficiary may have an interest in all or part of the capital of a settlement contingent on attaining a certain age or on some other event1. If, in the meantime, he is entitled to call for payment of the income from that capital as it arises, he has a vested interest in that income, which is dealt with as described in I5.1303.

Where he is not entitled to call for payment, any sums paid by the trustees out of settlement income for the education, maintenance or benefit of the beneficiary form part of his taxable

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