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Self assessment: how to declare income from a life interest
TheGreenFrog
Posts: 406 Forumite
in Cutting tax
My mother in law has a life interest in the income from a trust fund. The fund is a capital sum held by trustees in a bank account and the income is the bank interest which is paid directly to my mother-in-law. Her accountant has previously just declared this as her income but as she has now asked me to help her complete her tax return I am wondering if this is correct. The trustees do not complete a tax return I understand.
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Comments
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She is entitled to the interest as life tenant so that is correct.1
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