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New queries, issue 4505

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16 June 2015
Issue: 4505 / Categories: Forum & Feedback

Single-premium trust; Dividends and waivers; Declaring a gain; Building conversion

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Single-premium trust

Implications of a trust distributing the proceeds of a single-premium life policy

My client is a trust established in 1998 by M for her two children who at that time were 22 and 17. The trust invested in a single-premium life policy and has had no other assets.

The settlor/trustee now wishes to cash-in the policy distribute the proceeds equally to the two beneficiaries and wind up the trust.

I am told to assume that the children are basic or...

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