The IIP beneficiary is taxable on the trust income because he or she is entitled to it. Where the beneficiary has received income from the trustees net of tax, then to arrive at the correct measure of income, the net income is grossed up since the beneficiary is entitled to,...
The second warehouse was empty from 1 October 2004 until 31 January 2005, but was let from 1 February 2005. On that date Thai Curry Ltd received a premium of ￡60,000 for the grant of a four-year lease, and the annual rent of ￡18,000 which is payable in advance. Loan interest rec...