SolvedTSEM7055 | Tax Cases: Reid's Trustees v CIR 14 TC 512
From HM Revenue & Customs · Trusts, Settlements and Estates Manual
Summary
Trustees of an estate received untaxed war loan interest.
Decision
They were assessable on the interest as the persons receiving or entitled to the income. It did not matter that they might treat it as capital, or might pay it to beneficiaries as income.