TSEM1564 - Introduction to trusts: types of trust: interest in possession trust
There is no statutory definition of 바카라 사이트榠nterest in possession바카라 사이트�.
A Board바카라 사이트檚 Press Notice dated 12 February 1976 indicates that an interest in possession 바카라 사이트榚xists바카라 사이트� where the person having the interest has the immediate entitlement (subject to any prior claims by the trustees for expenses or other outgoings properly payable out of income) to any income produced바카라 사이트s the income arises바카라 사이트�.바카라 사이트�
See CG36320 for a more detailed explanation.聽
Sometimes we refer to interest in possession trusts as 바카라 사이트榥on-discretionary바카라 사이트� trusts. The interest in possession beneficiary is sometimes referred to as having a 바카라 사이트榣ife interest바카라 사이트� or being the 바카라 사이트榣ife tenant바카라 사이트�. See also TSEM6203.
The interest in possession beneficiary is taxable on the trust income after allowable trust management expenses. See TSEM3760+.