.png)
.png)
When trustees are safe to release assets subject to a capital gains tax holdover election
The dark 2013 autumn nights are drawing in and your clients Mr W Orry and Mr E Van Moore of Cautious and Waite solicitors – whose premises are next door – stop you as you are leaving the office to ask for advice.
They tell you that they were appointed to act as trustees of a settlement set up by his grandfather for Jack Ladd with unquoted shares in the family company.
On 1 April 2009 when he turned 18 Jack became absolutely entitled to the shares held in the trust and a decision was made to make a hold-over election in respect of the very substantial deemed disposal capital gain.
Because they had been told that there was a risk they might personally have to pay the capital gains tax on the deemed disposal if Jack ceased to be UK resident a decision was...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
