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Home / Simons-Taxes /IHT, trusts and estates /Part I4 Transfers on death /Division I4.5 Death and other taxes /Beneficiaries and income tax / I4.552 Legacies and annuities

I4.552 Legacies and annuities

IHT, trusts and estates

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

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E5.406A Employees of European Union institutions—tax exemptions

A4.204 Claims procedure—corporation tax

I9.421 Situs of simple contract debts for IHT

I4.142A Liabilities which are not discharged out of the estate

B2.218 Surplus business accommodation

I3.367 Fall in value relief—changes in interests in land

A4.557 Late filing penalties—company tax returns

E8.271 Liability for Class 1A contributions

C2.201 Allowable expenditure for capital gains—overview

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

B2.315 The concept of wholly and exclusively

D6.618 Capital treatment on a purchase of own shares—HMRC advance clearance and reporting obligations

B8.210 Restrictions on sideways loss relief

C3.305 Rollover relief—time limit for acquisition of replacement assets

D1.404B Large company definition for R&D tax relief

E4.115 Employment income—place of performance of duties

I11.215 IHT accounts—excepted settlements

B5.846 Charities and close companies

I5.1122 More than one settlor (income tax and CGT)

D6.330 Special situations involving a transfer of trade with common ownership—business of leasing plant or machinery

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