A colleague has posed this question:
I’ve taken over a probate file wherein the sole beneficiary is entitled to half of residue when he attains 35 and the other half at 40 (he is currently 31).
I’m just about to wind up and set up the trust but I need to make a decision what to do with the £40K of income that has arisen since date of death (2009).
There are no trustee powers etc in the will so I’m assuming that s31 kicks in and I need to pay the £40K to the beneficiary which I’m sure he will not like receiving in one fell swoop given the tax implications his end!
Any comments on what he can do, or whether the beneficiary just has to lump it would be most welcome.
Mayo Wynne Baxter