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New queries, issue 4350

24 April 2012
Issue: 4350 / Categories: Forum & Feedback
A and A’s trust; A commercial rent; Drive, they said; House and bond

A and A’s trust

I act for the trustees of a non-charitable discretionary trust which was set up by my client A on 7 March 1998. The beneficiaries of the trust are the grandchildren of A.

A died on 17 April 2010.

Some years ago the trustees invested in an insurance bond (not on the life of A). The insurance bond was surrendered on 2 April 2011 showing a five-figure gain. I have a disagreement with the investment advisers to the trust as to who should be assessed to tax on this gain. Is it:

  • the executors of A – under ITTOIA 2005 s 465 (as would certainly have been the case had A been alive at the date of surrender on 2 April 2011); or
  • the trustees of the trust –...

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