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Trust involvement

16 December 2014
Issue: 4482 / Categories: Forum & Feedback , Inheritance Tax , Trusts

Has a shareholder acquired control of a company through his role as a trustee?

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In 2004 our married clients Mr and Mrs B created four trusts two each. The family trading business which is valued at £48m is owned as follows: Mr B 25%; Mrs B 24%; Mr B trust 1 2%; Mrs B trust 1 2%; Mr B trust 2 23%; and Mrs B trust 2 24%.

This year we have been asked to prepare the 10-year anniversary inheritance tax returns for the trusts.

The four trusts have two independent trustees and a third trustee who is the spouse of the settlor; that is to say the two trusts settled by Mr B have Mrs B as the third trustee...

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