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Hi.Can you give me a little more detail about the trust and how it came to be please. What type of trust is or was it?
The trust was set up by my late uncle whereby the income from the trust went to his daughter. On her death the trust was wound up and the Capital (shares) passed to me and my brother equally
Trust came into being on uncle's death in 1961 per his will.His daughter had the right to the income from the Trust, but not the Capital, although the trustees could at their discretion give tranches of the capital to the daughter if she was in need of it for a specific purpose.
Hi again.The trust was an interest in possession trust which you can read about here.The value of the trust assets as at the date of the daughter's death will form part of her estate for Inheritance Tax purposes (see paragraph 12.9 in the link above) and those values will be the costs for Capital Gains Tax purposes of those assets for the ultimate beneficiaries, you and your brother.I hope this helps but let me know if you have any further questions.
Thank you for taking such trouble in this case and for letting me have extracts from Tolleys Tax manuals.All this info from yopu has been most helpful.Thank you