05 September 2007
The residue of an estate is held on life interest trusts for an adult beneficiary who is a higher-rate taxpayer. The executors' estate accounts show net bank interest of over £3,000 arising over three years. However, the income shown as due to the life interest beneficiary (paid in the final year) amounts to little more than £600. This is because the income account includes deductions for interest on inheritance tax, and the costs of insurance, council tax and water rates arising on an empty property before sale.
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