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HMRC internal manual

Trusts, Settlements and Estates Manual

From
HM Revenue & Customs
Updated
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Trust income and gains: beneficiaries: beneficiary entitled to trust income - trust that trades or has rental income - general

Where a trust has a trade or a rental business, it may incur expenses, or claim Capital Allowances or losses. These items may affect the taxation of the IIP beneficiary.

TSEM3771 gives guidance on business expenses. TSEM3772 gives guidance on Capital Allowances. TSEM3773 gives guidance on losses.