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24 February 2015
Settlor’s interest; Overseas gains; Gifts to Ireland; Textile trouble
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Settlor’s interest
Is a trust settlor interested and how should income be declared and taxed?
A director/shareholder of a trading company has transferred his shares into a discretionary trust that was set up for the benefit of his three minor children. A dividend has been paid into the trust but no distributions have been made out of it.
Our dilemma is how we should deal with the tax reporting requirement. It appears that the trust is “settlor interested” by virtue of the...
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