Taxation & Distribution of Income from a Discretionary Trust

[Cedric]

We (the Trustees) wish to distribute income from a Discretionary Trust set up by Deed of Variation, folowing the death of my father-in-law.
Basic rate tax has been deducted at source. I understand that the Trust is liable to additional tax (@ 20%).
Am I correct in my understanding that, as basic rate tax payers, the beneficiaries can reclaim the additional 20%?
Does the distribution have to be made before the end of the tax year?
Am I overlooking anything?
Thanks for any helpful/reassuring replies.
John