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Feeling AIM-less

19 February 2008
Issue: 4146 / Categories: Forum & Feedback
Terminating a trust that holds AIM-listed shares

We set up a settlor-interested interest in possession trust some years ago to crystallise retirement relief in respect of our client's private company shares (unlisted trading company) and TCGA 1992 s 165 holdover relief was claimed on the transfer of the shares to the trust. The trust income has been declared on our client's personal tax return forms.

The trust deed refers to an appointed class of beneficiaries who are the settlor the settlor's children and spouse.

Our client's private company has recently been sold for a substantial sum of money and the consideration has been agreed in the form of cash a cash earn-out and shares in the purchasing company which is AIM listed. The earn-out is dependent on the results for the next couple of years. The deal has been signed in the name of the trust.

We understand that on formation of the...

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