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HMRC internal manual

Trusts, Settlements and Estates Manual

Trust management expenses: IIP trusts: IIP beneficiaries: tax law

ITA/Sections 499 to 503 provide generally for the IIP beneficiary’s income to be reduced by allowable TMEs for tax purposes.

ITA/Sections 501 and 502 provide for relief for allowable TMEs for non-resident IIP beneficiaries.