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I am looking at an offshore UAT trust portfolio of

Resolved Question:

Hi I am looking at an offshore UAT trust for my portfolio of properties in Belize whats would the capitol gain liability be
Submitted: 9 months ago.
Category: Tax
Expert:  bigduckontax replied 9 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Where do you reside? Once I know this I will be able to advise you further.

Customer: replied 9 months ago.
Hi thank you for your response, I reside in the UK and domiciled in the UK. Just for further information, i have been pitched by an introducer for a remuneration trust for a trust ( supplied by Buckingham wealth the trust structure from Paul Baxendale-Walker whole i have researched at length) he owns the IP on and wrote a reference book on tax trust remuneration law that seems is a go to reference work. The system v]claims that via a PMC in the UK and fiduciary agreement from the trust I am able to manage and control the assets and amy rental income free of CGT and IHT. It seems that HMRC from my research I cant find any challenges from HMRC on this structure so attempting to find out if it is a legal structure.Regards *****
Expert:  bigduckontax replied 9 months ago.

I concur with your view that you escape both CGT and IHT through a UAT, but I cannot help thinking that this loophole is ripe for closure.

Remember that when you transfer your assets into the UAT then a CGT charge will apply as the transaction would be deemed as a disposal and anything over the Annual Exempt Amount (AEA) 11.1K exposed to CGT.

Customer: replied 9 months ago.
Hi thanks, ***** ***** saying that it is CGT free going into the UAT is that incorrect.
Regards
Beric
Expert:  bigduckontax replied 9 months ago.

No Beric; what I am saying is that although once in the UAT it will be tax free, on transfer into the trust the donor will be liable to CGT on any gain made between their original purchase price plus costs plus improvements and the disposal price less transfer costs. The transfer would be assumed to have been made at current market price.

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bigduckontax, Accountant
Category: Tax
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Expert:  bigduckontax replied 9 months ago.

Thank you for your support.

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