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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Interests in possession: further points

The basic question to be answered is whether the beneficiary is, when the trustees receivethe income, entitled to all that income after they have deducted their expenses, andcannot be deprived of it by the act of the trustees. If so, it is an interest inpossession. See Miller v IRC [1987] STC108.